*Since March 2005 it is possible to ‘self-certify’ yourself as a HNWI or a sophisticated investor. To self-certify as a HNWI you have to earn at least £100,000 per year or have net assets (excluding your property, pension rights and so on) of at least £250,000. 
 
To self-certify as a sophisticated investor you must: 

• have been a member of a business angels network for at least six months; or 

• have made at least one investment in an unlisted security in the previous two years; or 

• have worked in a professional capacity in the provision of finance to small- or medium-sized businesses in the last two years or in the provision of private equity; or 

• be or have been within the last two years a director of a company with a turnover of at least £1m. 

We will need to have a ‘reasonable belief’ that the self-certification has occurred. The self-certification ought to be in writing, although we will be able to rely on a verbal assurance that a person has self-certified as a sophisticated investor or HNWI. When accepted as a HNWI or sophisticated investor, the protections available for investors as regards the promotion of securities by a person authorised under the Financial Services Act are removed. Appropriate ‘risk warnings’ are therefore included in all of our promotional material given to potential investors.