While trying to place an order on an ETF you might receive the following error messages due to restrictions applying within the UK:
For a number of ETFs, the manufacturer/issuer may not have issued a KID. Consequently, Saxo will not be in a position to facilitate trading in these instruments for retail clients. (See also: Retail or Professional? How do I check my classification status?).
Why are there restrictions and what is a KID?
Due to the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation that came into effect on 1. January 2018, financial product “manufacturers” are required to produce Key Information Documents (KIDs) for each product they produce describing the key features of the product across risk, rewards and costs.
Elective professionals have access to the full range of ETF instruments, while retail clients have access to a limited amount of ETFs based on the Key Information Documents (“KID”) available in your country of residence. You can read more about the criteria, pros and cons and how to recategorize your account here.
How can I check if an ETF has the required KID?
You can check if an instrument has the required KID in the Product Overview itself and also under the Trading Conditions (i) > Trading Rates > Key Information Document