We expect our members to promote our values of equality and diversity, anti-discrimination, anti-harassment and equal opportunities, and share our vision of building a thriving and connected early-stage investment market across the UK.
This Member Code of Conduct is specifically for investor members and investor organisation members. Violations of the code may result in your membership with UKBAA being terminated as per our complaints procedure.
The codes UKBAA members must adhere to are outlined below:
Code One – Best Practice
In adhering to best practices, members are expected to uphold professionalism, avoid practices detrimental to the image of the business angel market, and maintain ethical standards. UKBAA members should ensure fair and honest dealings with all parties. We expect all UKBAA members to prominently display the UK Business Angels Association Logo where suitable (e.g. website, social media, letterhead) and state they have signed up to the UKBAA Member Code of Conduct. Members must also meet the specified Membership Criteria.
Code Two – Information On Fees
Regarding fees, investor members and investor organisation members must provide transparent information about any charges and disclose all fees before entering into contracts.
Code Three – Confidentiality
Members are required to uphold the confidentiality of investors’ and investees’ information by employing reasonable precautions. Upon request, they must promptly return or delete any written materials or information to the investee. Additionally, members are obliged to utilise investee information exclusively for fundraising purposes and refrain from exploiting or misusing it in any manner. Access to such information should be restricted to pertinent employees and partners essential for assessment and evaluation for fundraising endeavours. However, these obligations do not extend to information already in the public domain, in possession of UKBAA, or independently acquired by members.
Code Four – Information to UKBAA
Members are required to furnish requested information to the UK Business Angels Association, including completing an annual statistics survey detailing transactions from the previous year. This will be used anonymously and aggregated to support the publication of UKBAA market reports.
Code Five – Compliance with regulatory requirements
Investor members and investor organisation members should be aware of the requirements of the Financial Services and Markets Act 2000 (FSMA) in relation to the promotion of investments. If a UKBAA member is FCA authorised, they should comply with the requirements under the FCA regulatory framework.
In addition to the above six codes, organisation members are required to adhere to the following:
Code Six – Service Levels for organisation members
Service level expectations for organisational members include having clear written terms of business, transparent registration processes for engaging with companies seeking investment and investors, and documented complaint-handling procedures. Before entering into contracts with small and medium-sized enterprises (SMEs), members are required to review comprehensive business plans and engage in discussions with SME representatives.
Code Seven – Keeping your Directory Profile and contact information up-to-date
It is the responsibility of organisation members to keep their Member Directory profile on the UKBAA website up-to-date. You should contact us immediately if your contact details change, or if you need to update the contact details you supplied during your onboarding.
All UKBAA members are required to adhere to the final code:
Code Eight – Compliance
Members are required to adhere to the Code of Conduct, which may be modified periodically by the Disciplinary and Membership Committee as outlined in the Articles of Association. Any instance of non-compliance with the Code of Conduct by a Member will be addressed at the discretion of the Disciplinary and Membership Committee, following the procedures outlined in the Complaints Procedure.