Is the ATR questionnaire validated?

Yes. The questionnaire design has many rigorous steps which are outlined below. 

Review the bank of questions available to ensure suitability for the expected user base

• Trial the questions with clients receiving advice
• Assess the questionnaire validity using statistical analysis
• Select the questions to ensure the range
• Allocate the scoring algorithm using independent expert groups
• Retest the questionnaire to ensure statistical robustness.

Chosen questions:

• Are clear
• Avoid complex language language
• Don't require prior investment knowledge
• Are not biased in the way they ask the question
• Are tested to be statistically proven to be representative of a client's risk
• Cover areas of emotional, scenario setting, past behaviour and self-assessment