|
|
Post by mrclondon on Oct 10, 2014 17:28:37 GMT
A new pop-up appeared when I logged on to the Abundance site just. OK ... so I'm obviously meant to know which button to press.. Well I've been investing (as well as saving) for almost 30 years, so I consider myself experienced. Ah ... clicking the 'Experienced' button displays the initially hidden info explaining that this button requires me to self certify as a sophisticated investor as defined by the FCA. So I'm not an experienced investor. OK ... lets try the button marked "Everyday". I'm now told I need to self certify that I won't (or haven't) invest(ed) more than 10% of my net wealth in "risky" things like unlisted debentures this year (or last). Oh, that net wealth has to exclude my inner London townhouse and my pension provision. I think I'm on the right side of the 10% boundary so clicked agree. And only now am I able to withdraw the last months worth of repayments. Yes, I know rules are rules, but it does seem I'm on the verge of being neither an everyday nor an experienced investor by virtue of having to exclude 85% of my net wealth from the calculation. 
|
|
starfished
Member of DD Central
Posts: 298 
Likes: 216
|
Post by starfished on Oct 10, 2014 17:47:28 GMT
Got a similar quiz on crowdcube. I guess on the back of the earlier FCA consultation.
I thought the bar for experienced investor included having invested before in p2P in the last few years.
Also I thought the % cap applied to new Money after 1 October?
|
|
|
|
Post by Come_on_Grandad on Oct 10, 2014 18:00:08 GMT
A new pop-up appeared when I logged on to the Abundance site just. OK ... so I'm obviously meant to know which button to press.. Well I've been investing (as well as saving) for almost 30 years, so I consider myself experienced. Ah ... clicking the 'Experienced' button displays the initially hidden info explaining that this button requires me to self certify as a sophisticated investor as defined by the FCA. So I'm not an experienced investor. OK ... lets try the button marked "Everyday". I'm now told I need to self certify that I won't (or haven't) invest(ed) more than 10% of my net wealth in "risky" things like unlisted debentures this year (or last). Oh, that net wealth has to exclude my inner London townhouse and my pension provision. I think I'm on the right side of the 10% boundary so clicked agree. And only now am I able to withdraw the last months worth of repayments. Yes, I know rules are rules, but it does seem I'm on the verge of being neither an everyday nor an experienced investor by virtue of having to exclude 85% of my net wealth from the calculation. There is a relevant blog entry here blog.abundancegeneration.com/2014/10/updates-to-our-terms-conditions/ which points to the changes in T&C to implement this.
|
|
|
|
Post by batchoy on Oct 10, 2014 20:38:49 GMT
A new pop-up appeared when I logged on to the Abundance site just. OK ... so I'm obviously meant to know which button to press.. Well I've been investing (as well as saving) for almost 30 years, so I consider myself experienced. Ah ... clicking the 'Experienced' button displays the initially hidden info explaining that this button requires me to self certify as a sophisticated investor as defined by the FCA. So I'm not an experienced investor. OK ... lets try the button marked "Everyday". I'm now told I need to self certify that I won't (or haven't) invest(ed) more than 10% of my net wealth in "risky" things like unlisted debentures this year (or last). Oh, that net wealth has to exclude my inner London townhouse and my pension provision. I think I'm on the right side of the 10% boundary so clicked agree. And only now am I able to withdraw the last months worth of repayments. Yes, I know rules are rules, but it does seem I'm on the verge of being neither an everyday nor an experienced investor by virtue of having to exclude 85% of my net wealth from the calculation. I know what you mean having invested one way and another since I received my first pay cheque at the age of 13, held shares and unit trusts from the age of 18 I consider myself to be a fairly experienced and sophisticated investor but based on the legal definitions I find that I am heavily restricted on can (legally) do.
|
|
sl75
Posts: 2,092 
Likes: 1,245
|
Post by sl75 on Oct 23, 2014 19:10:35 GMT
Ah ... clicking the 'Experienced' button displays the initially hidden info explaining that this button requires me to self certify as a sophisticated investor as defined by the FCA. So I'm not an experienced investor. As I recall when I read the more detailed explanation given by Abundance at the time, anyone who had made at least 2 relevant investments within the last 12 months could self-certify as a sophisticated investor... ... and as Abundance Debentures are relevant investments, most existing members COULD self-certify on that basis. (Whether they choose to do so or not would be another matter entirely). It thus seemed purely a matter of personal preference which option one selected.
|
|
