cb25
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Post by cb25 on Nov 18, 2019 14:19:58 GMT
Each question is multiple choice. Luckily I passed 
I received an email from AC informing me about the test. Assume each lender will get one as the email states "All lenders, whether new or existing will need to undertake a short test."
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michaelc
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Post by michaelc on Nov 18, 2019 14:29:45 GMT
Each question is multiple choice. Luckily I passed Are you sure you wanted to pass?  Actually its a mockery anyone given you can take the "test" as many times as you like until you get it right. Is this box ticking the end result of the FCA's no doubt costly investigation and "tighter" regulation of p2p? Can I opt out of paying for the FCA?
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cb25
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Post by cb25 on Nov 18, 2019 14:33:31 GMT
Each question is multiple choice. Luckily I passed Are you sure you wanted to pass? Actually its a mockery anyone given you can take the "test" as many times as you like until you get it right. Is this box ticking the end result of the FCA's no doubt costly investigation and "tighter" regulation of p2p? Can I opt out of paying for the FCA? To your first point (made in jest), given the email says "It is worth noting that new investment will not be possible from 9th December 2019 until a lender passes the test", would have been problematic for me if I'd failed. Though, as you say, I could have simply re-taken it until I passed.
I'm OK with the "take it as many times as you like" idea. If people fail because (say) they believe P2P is just like a bank, with all your money protected, fully liquid investment etc. - at least they should be disabused of those notions by the time they get to pass.
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sl75
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Post by sl75 on Nov 18, 2019 14:54:30 GMT
Seems to me it's not so much a "test" as an "interactive training session", given the instant feedback after answering each question of whether you got it right, and the opportunity to re-do as many times as you want.
Some of the "correct" answers seem to me only to apply to the MLA and not to the Access Accounts - in those accounts, individual investors aren't actually directly exposed to the credit risk, for example; it's indirectly through the shared portfolio that backs all of the access accounts... in those accounts, just like in a bank, all investors will experience the same loss at the same time... but given the multi-choice nature of the test, they've carefully written entire paragraphs for each answer such that a more nuanced difference from the "official" line isn't possible!
I can definitely see that there will be people who will struggle to even understand the big long paragraphs attached to each answer... and if those people give up and take their investment elsewhere, I guess that's exactly the kind of person the FCA wants to keep away from P2P lending...
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rrrupert
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Post by rrrupert on Nov 18, 2019 15:11:49 GMT
I think the test was way superior to the ones I did for FC and Ratesetter which broadly just asked me if I was sophisticated.
Also for those who have not done the test yet option 4 of question 6 is really funny. Gave me a great laugh and I think gives you an insight into some of the attitudes of a few lenders.
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blender
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Post by blender on Nov 18, 2019 15:25:29 GMT
It seems to be an excellent test which is far more appropriate that the raw sophisticated/HMW definitions that it seems have been applied elsewhere. I suggest that we do not undermine it or subvert it on this forum. That is, we do not repeat or discuss the questions and the answers, please. (Yes, I passed - and I demand a proper certificate)
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lara
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Post by lara on Nov 18, 2019 15:54:39 GMT
I enjoyed that! Very well designed and entertaining too! |
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Post by jevans4949 on Nov 18, 2019 17:37:28 GMT
I passed too, 100% first time. Bleeding obvious choices really if you know what it's all about.
Do we get a prize?
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Post by roandy55 on Nov 18, 2019 17:40:37 GMT
If you give a wrong answer it simply brings up the correct one and a tick box to confirm you understand. Only found about it when I logged in, Assetz have stopped sending me emails. |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 18, 2019 17:51:08 GMT
It seems to be an excellent test which is far more appropriate that the raw sophisticated/HMW definitions that it seems have been applied elsewhere. I suggest that we do not undermine it or subvert it on this forum. That is, we do not repeat or discuss the questions and the answers, please. (Yes, I passed - and I demand a proper certificate) AIUI You will have to do that as well, they just haven't done that bit yet
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Brainer
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Post by Brainer on Nov 18, 2019 18:42:23 GMT
It was sort of fun but I’m afraid after experiencing collateral and lendy disorderly and orderly shutdowns I no longer believe anything a platform or FCA says about what happens during platform failure or that client monies are safe or ring fenced. But I gave the answer AC wanted me to so yippee skip. Can add FundingSecure to that list as it turns out their supposed ring fence may actually have a rather large open gate in it.
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blender
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Post by blender on Nov 18, 2019 22:51:17 GMT
It seems to be an excellent test which is far more appropriate that the raw sophisticated/HMW definitions that it seems have been applied elsewhere. I suggest that we do not undermine it or subvert it on this forum. That is, we do not repeat or discuss the questions and the answers, please. (Yes, I passed - and I demand a proper certificate) AIUI You will have to do that as well, they just haven't done that bit yet I think not. That's it, or they would have said. Maybe new customers? Ablrate also confirmed (this forum a while back) that existing lenders would be ok.
In any case I would not wish to call myself sophisticated - that is, good at sophistry or being deceitful to get what you want. That's for bankers and politicians.
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registerme
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Post by registerme on Nov 19, 2019 10:35:06 GMT
It's a shame they didn't ask a question along the lines of "What is diversification?" and included "Up to 20% of your capital can be invested in one loan and you will still be considered as being diversified" as one of the potential answers.
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Post by Companion Cube on Nov 19, 2019 12:14:52 GMT
This feels like the thin end of the wedge of the FCA unloading responsibility onto the lender.
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iRobot
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Post by iRobot on Nov 19, 2019 12:57:32 GMT
This feels like the thin end of the wedge of the FCA unloading responsibility onto the lender. Ultimately, responsibility is on the lender and if all lenders approached P2P (and investing generally) with that in mind, I'm sure there would be less over-exposure to high risk investments. There are no safety-nets here, just illusions of some. FCA regulation, secondary markets, wind-down plans, PFs, etc, etc - these are all designed to mask the risks, not mitigate them. IMO, diversification (many, many loans and multiple platforms) and restraint (never risk more than you can afford to lose) are the only mitigants worthy of the name. Two things strike me about these questions / answers. 1) The one about wind-downs doesn't mention that when a third-party steps in there might be costs which will erode your returns and possibly your capital. Consequently, rather than the wind-down plan being the safety-net it is portrayed to be, it is every bit as much a risk to capital loss as a defaulting borrower. It irks me that this isn't made clearer 2) The one about AC's role is likely to have been written by someone who is on the sharp end of lenders' observations that loan origination is an exact science and there should never, ever under any circumstances be a problematic borrower or failed loan if only the platform had done its' job properly. 
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