The Financial Conduct Authority brought in new rules in 2019 that required platforms, such as Ablrate, to classify their customers by experience levels. The Appropriateness Test is part of this process where we have a short, multiple choice, test that seeks to educate lenders on the basics such as how the process works, what some of the risks are and that loans are not covered by the Financial Compensation Scheme.
The FCA feel that some aspects of P2P lending is risky and lenders should be fully aware of the risks. We feel this is a good policy as education in any financial scenario is key to understanding the market and getting the best results. If you look through our FAQs you should have sufficient knowledge to be able to pass the test but if you feel that you would like further explanation we are here to help, get in touch any time by phone, email or our Get in Touch section.