This short quiz is pretty eye opening …
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Question 3 surprised me most, always thought they used other customers money!
I love how the answer to ‘your worried that Barclays won’t give you your savings back Mrs Miggins is’ invest in crypto
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Very common belief which I think comes from the day of Building Societies or Savings & Loans as the Americans call them.
But nowadays the bank just creates money by in effect Debiting your account and Crediting a loan, so its just an accounting entry.
Same kind of misunderstanding as Government Debt and that someone is going to come and demand the government repays them like your bank can. Government Debt is just savings certificates that the government sells to Investors, they have defined maturity and interest rates
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I got 11/13 and was told I failed…
“Fiat” in the url, it was only going one way.
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Is it?
Question 1 already starts trying to disinform people - while UK banks don’t have minimum reserve requirements they are required to have adequate liquidity and capital.
Question 2 is relevant to people with lots of money, but for those covered well within the FSCS, it’s a moot point. People with a lot of money in cash are better off served by holding assets instead anyways, rather than giving it all to a bank to be an unsecured creditor of.
Regarding debanking, didn’t Parliament just change some rules on this? New notice period of 90 days paired with ‘Commercial reasons’ not being verbose enough. Farage thing happened in 2023 and I think rightly attracted critique across the aisle.
The hate on QE is also odd, it’s not a bad monetary policy. Things need doing, the country paying money from right to left hand is better than sending the money abroad and it can ensure better access to captial for businesses and households.
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9/13
Did you pass in that case?
Yup same, the pass criteria is 100% 
Someone failed at 11, so did I.
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All or Nothing.
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I wonder how long it will be before the ‘I got 13/13 on the assessment, put all my money into crypto and now Revolut won’t give me my money back…’
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… you are not going to believe this - i got 13/13 on the assessm-
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A US bank question, in a UK quiz?
Only 10/13 that’s a bit annoying I thought I knew more than this 
Thing is with the FCA Crypto thing, it’s just common sense. And I’m fairly sure there’s either guides out there which tell you the right answers, or you could just get AI to tell you the right answer. Passed 4 so far, so I think I’ll be fine.
The funny thing about common sense is it’s actually not common at all. 
I wish FCA would change crypto banner rules so I didn’t have to be told it’s a risky investment every time I look at my app. Looks annoying, not dismissable and it’s something I already know.
Make it sticky for a month or something and then let the user decide. By then we already know.
It’s just a revamp of the cookie banner stuff where I now ignore it.