Beer & Partners UK | Business Angels | Business Angel Investment

Do you want to be a client?

Recent Completions

Regulations

Beer & Partners is regulated and authorised by the Financial Services Authority (FSA) which lays down, in some detail, the framework within which the firm must operate in order to comply with the Financial Services and Markets Act (FiSMA) as well as subsequent UK and European modifications to it such as the EU's Markets in Financial Instruments Directive (MiFID). Other obligations are placed upon the firm, its Directors, employees and Associates by the wider law, particularly by the Companies and Data Protection Acts.

The FSA aims to protect consumers (as both client companies and investor). It does this by regulating the way in which financial service providers operate, paying particular attention to the integrity, skill, care and diligence with which they are run and to the competence of those people delivering services. The Principles of the Firm which are listed above echo the FSA's principles and members of the firm's senior management team each subscribe to similar principles on a personal basis. The level of skill and knowledge required of Associates who directly deliver services to clients of the firm is laid down by the FSA and more detail on this is contained below in the section entitled Training and Competence.

FiSMA, MiFID and the various pieces of financial crime legislation define the approach that the firm must take to non-commercial matters like complaints, conflicts of interest, the prevention of money laundering and the financing of terrorism. These are each covered in detail below.

The firm is also required to maintain a certain minimum level of capital in reserve to protect the market and the firm's contacts and employees in the event of financial difficulties.

The firm reports regularly to the FSA on all of these matters and pays the FSA annual fees to cover the cost of regulation.

The benefits to the firm of being regulated include:

authorisation to carry out the regulated activity of 'arranging investments'. This covers the vast majority of what the firm does, from attracting clients to introducing them to potential investors.

exemption from the Treasury's Financial Promotions Order which bars unauthorised persons from inviting potential investors and client companies to become involved in investment activity.

the reasonable belief of those with whom the firm does business that the firm is run with integrity, skill, care and diligence and that the Associates who represent it are competent, skilled and knowledgeable.

Investments

'Arranging investments' is a category of regulated activity which can only be carried out by firms authorised to do so by the FSA. It amounts to acting for a business with the expectation that they will be introduced to an investor. It is because we carry out this regulated activity that the firm needs authorisation. Within this, there are activities which are proscribed by the FSA, including issuing unapproved financial promotions and offers. This is covered in detail later in this guide.

Complaints Procedure

Any expression of dissatisfaction, whether justified or not and however received, from an investor, introducer, Associate or client must be passed on to the firm's Compliance Officer. The complainant's full contact details and the details of the complaint as it was received should be passed to the firm's Compliance Officer whose details appear below.

The following steps will then be taken:

The firm's Compliance Officer (also referred to in this capacity as the Complaints Officer) will ensure that the complaint is acknowledged in writing to the complainant within seven days and a copy of this complaint handling procedure is included. Where the complaint involves the products or services of another FSA authorised firm, that firm will be passed full details of the complaint and asked to respond to the complainant directly.

Where the complaint involves Beer & Partners' products or services, the firm's Chief Executive will select a member of the firm's Board, not directly involved in the subject of the complaint, to investigate it. This person will take all reasonable steps to gather and examine information pertinent to the complaint and will, with the Chief Executive prepare the written response to the complainant.

This response will address the subject matter of the complaint and, where a complaint is upheld, will offer appropriate redress. Such redress will represent fair compensation for any acts or omissions for which the firm was responsible.
Appropriate redress will not always involve financial redress. The firm will comply with any offer of redress which the complainant accepts.

Where the complainant is a company or charity with a turnover less than £ 1 million or an individual then the complainant has the right to refer the complaint to the Financial Ombudsman Service.

Use of The Complaint Handling Procedure

The FSA's website and the firm's engagement letter will include the details of an appropriate person to contact regarding complaints. All of the firm's Associates and staff will be given a copy of the complaint handling procedure. A copy of the complaint handling procedure will be made available on request to anybody who has dealings with the firm.

Further Information

For further information on complaint handling, or to give notice of a complaint, please contact the firm's Compliance Officer:

Contact Details:

Simon Webber
Beer & Partners
Painters' Hall
9 Little Trinity Lane
London EC4V 2AD

Painters' Hall, 9 Little Trinity Lane, London, EC4V 2AD Telephone:08701 633033
Authorised and regulated by the Financial Services Authority, FSA Firm 191021
Company Number: 3737191

Important Information - Please Read Carefully

This communication has been approved by Beer & Partners as a financial promotion. Beer & Partners is authorised and regulated by the Financial Services Authority. Investment in unquoted businesses carries high risks as well as the possibility of high rewards and an investor's capital is at risk in making such investments. It is highly speculative and potential investors should be aware that no established market exists for the trading of shares in private companies. Please note that any tax treatments referred to in financial promotions approved or issued by Beer & Partners will depend on the individual circumstances of the investor. All of Beer & Partners' fees are payable by the client companies to whom it provides services, investors are treated as retail clients being recipients of Beer & Partners' financial promotions. Where a promotion contains an overseas element the protection afforded to retail clients in relation to UK investments may not be available to investors. Investors also may not be eligible for protection under compensation schemes which are available to investors in UK financial instruments. The information contained within this communication may not be used for any purpose other than in considering whether you should enter discussion with any business described.