Code Of Conduct
These principles are designed to work across a range of businesses, some of which are FCA authorized and some of which are outside the scope of regulation. All UK Crowdfunding Association’s members agree that the principles laid out in the Code are important for both business and individuals. Adherence to these principles is a requirement of membership of the UK Crowdfunding Association. Each of these principles applies to each UK Crowdfunding Association member in respect of its investors or donors.
- Investment and donation monies will be kept separate from our business monies in segregated client accounts.
- We will ensure transparency so that, at all times, users can access information regarding their money including where the money is kept, and any relevant transactions.
- We will put in place processes to ensure that our user information is kept safe and secure and that it can still be accessed in the event that we cease to operate.
- We will put in place processes for the orderly winding down of our businesses in the event that we cease to operate, and ensure that investors retain access to and ownership of their investments.
- We will not offer investment advice to users unless authorized to do so.
- We will provide a “cooling-off period”, during which users can cancel or redeem their investment or donation, in accordance with applicable regulatory requirements.
- Our terms and conditions will be clearly written and will explain exactly how the investment or donation process works, what our duties and responsibilities are, what due diligence has been undertaken, and what fees and charges will apply.
- We will hire competent, professional, honest people and make sure we have the appropriate systems and processes in place to run our businesses safely.
- We will ensure that our IT systems and business processes are secure, reliable and proportionate to the nature, scale and complexity of our businesses, and that they are sufficiently robust to facilitate compliance with applicable law, regulations and this Code of Conduct.
- We will comply with the laws and regulations applicable to our sales and marketing activity (including social media), ensure that risks and potential returns are presented clearly in a balanced way, and treat users fairly.
- If users are unhappy about any aspect of our service, they will be able to complain and we will treat those complaints fairly and in accordance with applicable regulation.
- We will promote healthy competition, and will not engage in practices that will discredit, or damage the reputation and growth of, the crowdfunding industry.
- We will not use or compete for each others’ names, trademarks or other intellectual property or data without express permission to do so.
- We agree to periodic audits and reviews of our businesses by the UKCFA to ensure compliance with the Policy and Code of Conduct.
- We will, where possible, provide the UKCFA with notice of issues that could negatively affect the crowdfunding industry, to enable the UKCFA to react appropriately. It is acknowledged that our ability to do so may be limited by confidentiality obligations and commercial responsibilities to our own business and users.
- The Directors of UKCFA are responsible for the maintenance and effectiveness of this Code. If the Directors are of the opinion that a Member or Supporter has breached this Code, the Directors shall, acting proportionately and in accordance with the Articles (in so far as they may apply), be entitled to take such action as they see fit, which may include the suspension or expulsion from UKCFA of the relevant Member or Supporter regardless of any subscription paid to UKCFA by the Member or Supporter. The Directors’ interpretation of this Code shall be final.
Members and Supporters of the UK Crowdfunding Association that have signed up to this Code may display the UKCFA logos on their websites and other presentation and marketing material.
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