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13 raises

All regulations

Investor limits under the FCA’s rules

  • No fixed cap. The rules set no pound limit. What they set is a category, which a retail client certifies before receiving a direct offer. FCA COBS 4.12A (opens in a new tab)
  • Restricted investors. A restricted investor signs a statement about not investing more than 10% of net assets in these investments. The 10% runs across all types of restricted mass market investment together. FCA COBS 4.12A (opens in a new tab)
  • Not yet verified What the 10% covers. The statement looks back 12 months and forward 12 months, and net assets leave out your home, your pension and rights under qualifying insurance contracts. FCA 2022/33, Annex 5R (opens in a new tab)
  • High net worth and sophisticated investors. These certified categories do not sign the 10% statement. Investments made under a sophisticated categorisation may be left out of a restricted investor's 10%. FCA COBS 4.12A (opens in a new tab)

How the FCA regulates crowdfunding

In the UK, the Financial Conduct Authority regulates investment-based crowdfunding, in which people invest in a business by buying shares or investing in business-backed loans. These usually involve small or medium-sized companies not yet ready to list on a stock market. The FCA calls them high-risk investments, and says investors have no access to the Financial Services Compensation Scheme. FCA: understanding crowdfunding (opens in a new tab)

Most of what shapes an investor's experience sits in the FCA's rules on promotions of restricted mass market investments, a class that includes unlisted shares. Before a firm can make a retail client a direct offer, the client generally has to be certified as high net worth, sophisticated or restricted, by a statement signed within the last 12 months. FCA COBS 4.12A (opens in a new tab)

The first time a firm makes a retail client such an offer, at least 24 hours must pass after the client asks to see it, and the client gets a personalised risk warning. The firm must also assess whether that type of investment is appropriate for the client before it fulfils an order. FCA COBS 4.12A (opens in a new tab)

The public offers regime that has applied since 19 January 2026 sets the other main number. An offer of securities to the public that cannot exceed £5 million in the UK is exempt. A larger offer that is not being admitted to a regulated market or primary multilateral trading facility, and has no other exemption, must run through an FCA-authorised public offer platform. FCA PS25/10 (opens in a new tab) SI 2024/105, Schedule 1 (opens in a new tab)

Questions about UK crowdfunding rules

Is there a limit on how much I can invest in UK crowdfunding?

The FCA's rules set no pound limit. A retail client is generally certified as high net worth, sophisticated or restricted before receiving a direct offer, and a restricted investor signs a statement about not investing more than 10% of net assets in these investments.

Source: FCA COBS 4.12A (opens in a new tab)

Is there a cooling-off period?

The first time a firm makes a retail client a direct offer of this type, at least 24 hours must pass after the client asks to see it.

Source: FCA COBS 4.12A (opens in a new tab)

Is my money protected if the company fails?

The FCA says investment-based crowdfunding investors have no access to the Financial Services Compensation Scheme, and that all the money invested can be lost if the company fails.

Source: FCA: understanding crowdfunding (opens in a new tab)

Can I sell my investment later?

The FCA says some platforms may let you sell to another investor, and that you may not get back all the money you invested.

Source: FCA: understanding crowdfunding (opens in a new tab)

How much can a company raise?

A public offer that cannot exceed £5 million in the UK is exempt under the public offers regime. A larger off-market public offer with no other exemption must run through an FCA-authorised public offer platform.

Source: FCA PS25/10 (opens in a new tab) · SI 2024/105, Schedule 1 (opens in a new tab)

General information, not advice. A platform’s own terms, and the rules where you live, may differ. Sources read . A line marked “Not yet verified” has not been confirmed against a primary source.