NEW investors with Ablrate will have three chances to pass its appropriateness test before being locked out for a week.
The asset-backed peer-to-peer lender has revealed details of its appropriateness tests ahead of the introduction of new Financial Conduct Authority rules being introduced on Monday 9 December.
Platforms will be restricted to marketing to those who are certified or self-certify as sophisticated investors, those who are certified as high-net-worth investors, people receiving regulated investment advice, or those who certify that they will not invest more than 10 per cent of their net investible portfolio in P2P agreements.
Investors will also need to complete an appropriateness test to assess their understanding of the market.
A note to Ablrate investors said lenders will need to achieve an 80 per cent pass rate and will be given the opportunity to review those questions where incorrect statements were chosen.
If they fail the test three times they will be automatically locked out for seven days, but Ablrate said users can contact its customer service department to get the account unlocked earlier.
“If you get a number of questions wrong, please do not be concerned,” David Bradley-Ward (pictured), chief executive of Ablrate, said.
“Our FAQ section provides a comprehensive overview of the P2P marketplace and how Ablrate operates.
“All the information required to improve your knowledge is available on the site.
“Please spend some time reading the relevant sections and make sure you understand before retaking the test.”
The platform also revealed it may develop products that require differentiation between different lender categories but in the meantime, everyone will be able to invest in the current range.
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