Sprint 66 will see improvements to our reports section, Investor Appropriateness Test, as well as the introduction of a Personalised Risk Warning.
These updates have been carried out and implemented on release sprint #66 as of 22nd February 2023.
Personalised Risk Warning
During the registration process, once Investors have supplied their name, we provide a Personalised Risk Warning which pre-populates and references their full name along with the opportunity to take two minutes to read about the risks associated.
As always, we aim to make Quva as customisable and configurable as possible, so we've made the Personalised Risk Warning content fully managed and editable within the Quva Administrator Portal.
Investor Categorisation Update
In light of recent changes from the FCA, we've made some updates to the Investor Categorisation section of Quva.
As well as categorising their Investor Type, for example, HNWI or Sophisticated Retail Investor, your investors will now also now need to declare why they believe they fit this category.
Following this update, each Investor Category will now have different questions to help support validating whether they do fit this category, keeping you in full control of the content whilst remaining as compliant as possible.
Investor Categorisation Review Process
Quva now facilitates a review process for the investor categorisation part of the onboarding journey. As of yesterday, once an Investor's Categorisation and Declaration has been submitted into the platform, Quva will now email the administrator to highlight that there is an Investor Categorisation that needs their attention, ultimately to review the submission.
Those with access will then be able to review the answers provided and check that they meet the criteria for the investor category they have selected. Following a review, admins will then be able to either Accept or Reject, and if reject, provide a reason why, which the system will send an email to the Investor and provide a means within the Client Portal to resubmit their categorisation and answers.
We also facilitate the ability to reset their chosen Investor Categorisation on their 12 month anniversary, ensuring Investors go through this declaration process again and remain fully compliant.
24-Hour Cooling-off Period
Following the recent changes made by the FCA, during an investor's first 24 hours upon registration, there will be restrictions on what the investor can do, for example, they won't be able to access any financial promotions nor make an investment.
At the beginning and end of the 24 hours, investors will receive an email which provides them with the opportunity to request for their investor account to be closed, whereupon the administrator will now have the option to remove their Client Portal access. Please note, this does not delete the Client Account, it simply restricts them from being able to log into the Client Portal, allowing them to re-register in the future should their circumstances change.
Investor Appropriateness Test Update
With content and the pass-rate settings being selected by you, we now provide the ability to have two separate appropriateness tests, meaning if an investor fails the first test, a second set of questions and possible answers are made available. If they then fail the second test, it will restrict them from being able to retake the test for 24 hours.
After the 24 hours have lapsed, they will then be able to retake the first test and repeat this process until they have successfully passed either test or met the criteria selected by you.
In light of the FCA changes and the above updates to the Quva platform, there are now specific output reports that summarise most of these FCA measures, with prominence being given to the Appropriateness Test to help quantify and provide insights into how Investors are performing during the onboarding process.
Got a question about these updates?
Get in touch with your account manager or drop us a note at email@example.com where one of the team will be happy to help.