Cogress Limited is authorised and regulated by the Financial Conduct Authority (No. 696171).
Our Agreement with You
Our legal relationship with you is governed by these Terms.
We reserve the right to seek additional information at any time to enable us to provide our services, to prevent fraud or to comply with any legal or regulatory requirements. We are entitled to rely upon any information which you provide which we believe in good faith to be true, accurate and complete.
We reserve the right not to accept you as a client. Subject to any legal obligations we may have, we may reject your application at our absolute discretion and without providing any reason for this. In the event that we do reject your application, we will endeavour to contact you to advise you of this. Clients who are individuals must be at least 18 years of age. We will determine the basis and extent of acceptance of your subscription to any investment at our absolute discretion. It is intended that subscriptions to our investments will be accepted in the order in which they are committed. We reserve the right, notwithstanding the basis so determined, to reject in whole or in part and/or scale down any subscription. Subscription monies not accepted will be returned to the applicant in full by means of a cheque, posted at your risk. The right is also reserved to treat as valid any subscription not complying fully with these terms and conditions or not in all respects complying with our procedures.
You confirm that you have the authority to enter into our Agreement. If you are entering into our Agreement on behalf of a company or other corporate entity, you confirm that you have the necessary authorisation to enter into this Agreement and any investment transactions arising from it.
We may require you to answer questions or provide confirmations as to your net worth and/or investment experience. You confirm that all the information you provide to us is complete, accurate and up-to-date.
This Agreement shall come into effect when you confirm acceptance of it by clicking on the acceptance button on our website.
You will become a Cogress Client, and these Terms will become binding, when we inform you in writing that your registration has been accepted.
We will treat you as a “Retail Client”. Retail Clients benefit from a higher degree of protection under the Rules than Professional Clients or Eligible Counterparties. You can ask us to treat you as a Professional Client, and we may agree to do this, if
you meet the applicable criteria under the Rules although we do not have to do so. However, if you ask us to treat you as a Professional Client you should be aware that among the various protections lost may be the ability to complain to the Financial Ombudsman Service and the right to make a claim against the Financial Services Compensation Scheme. These Terms do not apply to Professional Clients so you will be asked to enter into different terms and conditions for Professional Clients. Please contact us to request information about the other protections that may be lost and for further details about ‘opting up’ to be a Professional Client.
You shall inform us promptly if at any time information that you have provided to us during the registration process changes. If, in our opinion, you no longer meet the criteria for continuing to be a Cogress Client, we shall be entitled to terminate your Cogress Client status on written notice with immediate effect.
As a Cogress Client, we may give you access to opportunities for investment in property. We are not obligated to offer you any opportunities. Should you make an investment, you will invest in a single-purpose Limited Partnership, registered for the sole purpose of investing in property. You will receive an interest in the Limited Partnership in exchange for your investment which will be governed by the terms of a Limited Partnership Agreement, a copy of which will be provided to you.
Cogress does not provide any advice or recommendations in relation to investments. Whilst we may give you details of a proposed investment opportunity, you should complete your own research, obtain independent advice and select your own investment. If you are in any doubt whether an investment is suitable you should always seek the advice of an independent financial advisor.
Your Right to Cancel
If you are a consumer, you have the right to cancel this Agreement. You can cancel within 14 days from the date on which we notify you in writing that your registration as a Cogress Client has been accepted (the “Cancellation Period”).
To exercise your right to cancel you should write to Client Services, Cogress, Suite 210, 50 Eastcastle Street, London W1W 8EA, within the Cancellation Period and notify us of your cancellation. If you do not exercise your right to cancel we will provide the agreed services until our relationship is terminated in accordance with these Terms.
You will only be required to pay money to us once you have contractually agreed to make a specific investment. We will only require you to deposit money with us in respect of the particular investment commitment you have made, and we will not hold any generic or discretionary investment amounts on your behalf.
Your money, being funds arising from or intended for investment, is accepted by us exclusively in the course of our investment business and held as Client Money under the Rules to the extent required. We deal with your money in accordance with the FCA’s client money rules which require us to hold your money segregated from our money but on a pooled basis in a Client Bank Account.
We take reasonable care in the selection, appointment and periodic review of any credit institution or other entity holding sums in a Client bank Account. Subject to the Rules, we are not liable for the acts, omissions or default of any such organisation except to the extent caused by our own negligence, fraud, wilful default, breach of the Rules or breach of contract. If a credit institution, bank or other organisation with which client money is held becomes insolvent (or similar) then we may not be able to recover the full amount of the balance owing on the client account. The exact position will depend on the regulatory rules applied but you may share proportionately in any shortfall with our other clients.
No interest will be paid on Client Money.
You authorise us to deduct or withhold any sum from the money we hold for you if, in our reasonable view, we are required or liable to deduct or withhold that sum under the law or practice of any revenue authority in any relevant jurisdiction.
Where Client Money is unclaimed for a significant period of time, we will make efforts to contact you in accordance with the Rules but in the event that we are unable to do so, we may cease to treat such sums as Client Money to the extent the Rules permit us to do so.
Record Keeping and Recording of Calls
We may record telephone conversations and retain copies of them, any transcripts and any written or electronic communication we have with you. These will be used for the purpose of administering our relationship with you, training purposes, to evidence compliance with regulatory requirements, in the event of a dispute or as evidence in court. Such recordings or transcripts shall only be retained for so long as is necessary, as determined by us in our good faith opinion, in accordance with any legal or regulatory prescribed data retention time frames, to complete the purpose for which the data has been acquired.
You should be aware that a higher degree of risk is generally attached to our investments which may be collective investment schemes and/or alternative investment funds under FSMA and the Rules. We do not make personal recommendations and we do not guarantee that any particular investment will be suitable to your individual situation. You should make the decision to invest in an opportunity wholly in reliance upon your own experience and expertise or, if appropriate, after consultation with your independent financial advisers.
You should note that the value of any investment may go down as well as up, and you may not receive back the full amount that you invest. It is possible that you could lose your entire investment. You should ensure that you have sufficient liquidity to bear this risk before considering any investment.
If we provide notes on the tax implications of any investment, such notes will not constitute specific advice and will be of a generic nature only. You should consult your own tax advisers before investing.
We will only be liable to you for any loss or damage which arises as a directly foreseeable consequence of our breach of this Agreement or for our negligence, fraud or wilful default.
We shall not be liable for any defaults of any counterparty, agent, banker, nominee or other person or entity which holds money, investments or documents of title.
In the event of any failure, interruption or delay of our performance respective obligations resulting from acts, events or circumstances not reasonably within their control (including but not limited to acts or regulations of any governmental or supranational bodies or authorities) or breakdown, failure or malfunction of any telecommunications or computer service or systems, you acknowledge that we shall not be liable or have any responsibility of any kind to any loss or damage thereby incurred or suffered by you.
Subject to clause 8.4 neither we will not be liable for any indirect, incidental, punitive or consequential damages, loss of business, loss of profits, loss or corruption of data, loss of goodwill or reputation caused by us under this Agreement.
Nothing in this Agreement shall limit our liability for personal injury or death or for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation or for any breach of FCA Rules or any liability which cannot be excluded under FCA Rules.
We will not incur any liability whatsoever for any partial or non-performance of any obligations under this Agreement by reason of any cause beyond our reasonable control including but not limited to any communications, systems or computer failure, market default, suspension, failure or closure, or the imposition or change (including a change of interpretation) of any law or governmental or regulatory requirement and subject to the Rules we shall not be held liable for any loss may incur as a result of any such factor provided we have taken reasonable steps to mitigate the effects of any such factor.
Before investing, you should always consider your own assessment of the value of a property after conducting your own research. Unless expressly stated otherwise, information provided by Cogress does not take into account the effects of any adverse market developments or conditions.
No undertaking, representation, warranty or other assurance is given, and none should be implied as to, and no reliance should be placed on, the accuracy, completeness or fairness of any information provided by Cogress. No representation or warranty either express or implied is or will be made or given in relation to information provided, and no responsibility or liability is or will be accepted by Cogress or any of its directors, officers, employees, agents or advisers in respect of information provided.
No warranty or assurance is made as to the actual value or return which may be received or achieved in connection with any investment, nor the legal, tax or accounting effects of consummating any transaction in relation to an investment.
Compliance with Laws and Regulations
9.1 We will not do anything which would in our good faith opinion infringe any applicable laws, regulations or rules of market conduct and may do whatever we consider necessary to comply with them. We are subject to laws designed to prevent financial crime. We reserve the right to decline to accept any particular instruction and we may not give reasons for doing so for example, if we consider in good faith that it would be unlawful to do so or if we consider in good faith that it would compromise our security procedures.
The investments to which you may be introduced by us may be collective investment schemes and/or alternative investment funds and may involve risks and entail a risk of capital loss. Because of the risks involved, those investments are only suitable for those persons who understand the risks inherent in investing in real estate, are able to bear the economic risk of the investment, understand the high degree of risk involved including the potential for loss of the entire investment, believe that the investment is suitable based on their investment objectives and financial needs and have no need for liquidity of investment.
You should carefully consider the following non-exhaustive list of investment risks. The value of any investment you make could be substantially reduced as a result of any of these risks. You may lose all or part of your investment. Past performance is not necessarily a guide to the future.
Investment in smaller, unquoted entities such as those to which we may introduce you, by its nature, involves a high degree of risk. Proper information for determining the risks to which they are exposed may also not be available. Such investment involves a higher degree of risk than a portfolio of quoted shares. In view of the nature of the proposed investment, our investments should not be regarded as short-term in nature. There can be no guarantee that any appreciation in the value of any investment will occur or that the commercial objectives of any investment vehicle will be achieved.
Changes in economic conditions including, for example, interest rates, rates of inflation, industry conditions, competition, political events and trends, tax laws and other factors can substantially and adversely affect real estate investments in general and the prospects of any investment we may introduce to you in particular.
There is no public market for the investments we may introduce to you and one is not expected to develop. If you invest in any project we introduce to you, you will not be permitted to assign your investment interest without our prior written consent, which we may withhold in our absolute discretion.
Redemptions from any investment we introduce to you will not be permitted. You must be prepared to bear the risks of holding any such investment for an extended period of time.
The development or re-development of properties may exceed their budgets. Unforeseen events such as changes related to building permits, planning errors or other aspects of the development and re-development, shortage of necessary equipment, or adverse weather conditions, or other unforeseen events may cause cost overruns and delay or frustrate completion of a project. There can be no assurance that any overrun resulting from any occurrence will be adequately covered by insurance policies or that such insurance will continue to be available or, if available on terms acceptable to the Partnership. In the event of a budget overrun the Partnership may have to seek additional financing from outside sources in order to complete production. No assurance can be given as to the availability of such financing or, if available on terms acceptable to the Partnership. In addition, in the event of substantial budget overruns, there can be no assurance that such costs will be recouped, which could have a significant impact on the investee companies’ results of operations or financial condition.
Each investment we introduce to you will be a single-purpose property development opportunity, and the performance of it will be wholly dependent on the success of the development. There will be no strategy or arrangement for diversifying or hedging risk. Each investment vehicle will be a newly formed entity with no operating history. There can be no assurance that the entity will achieve its investment objectives.
The investment vehicles for all of our investments will be managed by a managing entity over which you will have no influence or control. Investors will not be able to make investment or other decisions on behalf of the investment entity or have any role in its activities.
There can be no guarantee that the structure of any investment we introduce to you will be tax efficient for you or that any particular tax result will be achieved and in particular we will not consider the individual tax status of any individual investor when determining whether to acquire, restructure or dispose of any particular investment or in determining how to pay disposal proceeds to investors. Changes in legal, tax and regulatory regimes may occur during the life of an investment which may have an adverse effect on investors.
It cannot be guaranteed that any investment you make with us can easily be realised. Realisation of your investment will be dependent on the successful completion and disposal of a property development. There will be no right to require or compel an exit from your investment prior to that time. There can be no guarantee that market conditions will be propitious in respect of the development project or its disposal. This may significantly delay a targeted exit. It may be difficult to predict when an exit may take place and there can be no guarantee that an exit will ever take place. Accordingly, investors may potentially lose the total amount of their investment.
Investors should not place reliance on forward-looking statements in any materials that we send to you concerning any investment. Statements that are (or may be deemed to be) “forward looking statements” can be identified by the use of forward-looking terminology including the terms “believes”, “continues”, “expects”, “seeks”, “intends”, “may”, “will”, “would”, “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. While we will comply with the Rules in relation to any materials provided to you concerning an investment, you should be aware that forward-looking statements contained in any materials that we provide to you are subjective and not a promise or assurance that such trends or activities will continue in the future.
Conflicts of Interest
We are part of a group which provides a number of services to a range of clients. There may be times when there is a conflict between our interests and the duty we owe to a client, or a conflict between the differing interests of two or more clients to whom in each case we owe a duty. Under FCA Rules we are required to have in place arrangements with a view to taking all reasonable steps to prevent such conflicts of interest constituting or giving rise to a material risk of damage to the interests of our clients. We have established comprehensive conflicts of interest policies to identify and manage such actual or potential conflicts of interest. A copy of our conflicts of interest policy is available at our principal business address set out in paragraph 1.1.
If a conflict of interest arises and we consider that the arrangements we have in place under our conflicts of interest policy are not sufficient to enable us to ensure that the conflict will not damage your interests or the interests of any of our other customers or clients we will refuse to act or we will make appropriate disclosures in accordance with FCA Rules.
Our charges and Other Costs Payable by You
Where we propose to make any charge in respect of costs or fees, we will first notify you in writing of the nature of the charge and the amount, and obtain your written consent.
We reserve the right to deduct any amounts due to us from any funds of yours held by us.
Tax and Legal Affairs
You have sole responsibility for the management of your tax and legal affairs including all applicable tax filings and payments and for complying with applicable laws and regulations. We have not and will not provide you with tax or legal advice and we recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances. The tax treatment of investment products can be complex, and the level, rate and basis of taxation may alter during the term of any product.