Display of Disclaimer

Although there is no ‘legal requirement’ that the disclaimer be directly on the website, by not clearly bringing the term to the attention of the website user, there is a risk that the term is not incorporated.

In terms of practical advice, there should be a section on the website whereby the disclaimer is clearly stated, as well as in the terms and conditions, given the importance of the term.

Legal Position

Section 21 of FSMA states that a person must not in the course of business communicate an invitation or inducement to engage in investment activity unless he is an authorised person or the communication has been approved by an authorised person.

As the business is not authorised, we would submit that the communication is not an invitation or inducement to engage in an investment activity – merely a means of raising profile as a private investor generally. The FCA states that an advert which is profile-raising activities who do not identify or promote particular investments or investment services may not amount to either an invitation or inducement, as they are too far removed from possible investment activity to be considered as an inducement to engage in investment activity.


“[Company/Website Name] provides a service to strictly match groups or individuals seeking investment capital with individuals looking to invest. [Company/Website Name] does not give advice on the risks of investment and is not authorised to carry on investment business under the Financial Services and Markets Act 2000 (“FSMA”).

The content on this website has not been approved by an authorised person within the meaning of FSMA, for the purposes of section 21 of FSMA and reliance on information on this website for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets involved.

Users of this website should not treat the contents of this website as constituting advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers authorised under FSMA who specialise in advising on such matters.

Nothing on this website should be regarded as an offer or solicitation to buy or sell any investment or an offer or solicitation to provide investment services or as a comment on the merits of engaging in any investment transaction or activity or inducement to do so.”