Legal

Risk Disclosure and Liability Disclaimer

Version 1.0 · Last updated 21 September 2026 · Archive v1

Risk Disclosure and Liability Disclaimer

Reasoned Limited | Company No. 16859259 128 City Road, London EC1V 2NX, United Kingdom

team@reasonedfinance.com | https://reasonedfinance.com

Version 2.0 · Last updated: September 2026

Please read this carefully. This Risk Disclosure and Liability Disclaimer ("Disclaimer") forms part of your agreement with Reasoned Limited and is incorporated into our Platform Terms of Service. By using Reasoned you confirm you have read and accepted it. If you do not accept it, do not use Reasoned.

1. What Reasoned is, and is not

Reasoned is:

an education and career-preparation platform for students and recent graduates interested in finance;
a provider of learning content, practice aptitude tests and simulations, AI-assisted interview practice, CV tools and a profile that records what you have done;
an organiser of skill-based competitions, including simulated trading competitions, and an issuer of skill-based certificates reflecting performance on our platform.

Reasoned is not:

authorised or regulated by the Financial Conduct Authority (FCA) or any other financial regulator;
a broker, investment firm, investment adviser, fund manager or financial services provider under the Financial Services and Markets Act 2000 ("FSMA");
a proprietary trading firm. We do not provide funded live accounts, real capital or profit shares;
an executor of real trades. We do not hold client money, transmit orders, or interact with any financial market;
a provider of financial, investment, tax or legal advice;
an employment agency or employment business in relation to you. We do not charge you any fee for finding you work, and we do not guarantee employment, internships, placements or any other opportunity.

2. Nothing on Reasoned is advice or a financial promotion

2.1 Nothing on Reasoned — lessons, videos, quizzes, projects, competition content, analytics, leaderboards, certificates, AI feedback, community content or communications from us — is:

financial, investment, tax or legal advice;
a personal recommendation tailored to your circumstances, objectives or risk tolerance;
an invitation or inducement to engage in investment activity;
a recommendation or solicitation to buy, sell or hold any financial instrument, security, cryptoasset, commodity or other asset;
a prediction or guarantee of performance in real markets.

2.2 Educational content explains concepts, methods and processes used in the finance industry. It is general information, not guidance on what you should do with your money.

2.3 Take independent professional advice before making any real-world investment or trading decision. Do not apply strategies or methods encountered on Reasoned to real markets without doing so.

3. Simulated trading — what it does and does not tell you

3.1 Trading competitions and practice environments use virtual funds only. No real money is placed, no orders reach a market, and virtual balances have no value and cannot be withdrawn.

3.2 Simulated results are hypothetical and differ materially from real trading, because simulation typically has:

no market impact — your orders do not move prices or consume liquidity;
no execution risk — real orders can slip, partially fill or not fill at all;
no financing costs — overnight and leverage costs are absent or simplified;
no psychological pressure — trading real capital involves fear, stress and loss aversion that simulation cannot replicate;
no tax consequences — real trading may create tax liabilities;
no counterparty risk — real trading depends on brokers and counterparties meeting their obligations;
data limitations — simulated pricing may be delayed, smoothed or otherwise unlike live market conditions.

3.3 Past performance, simulated or real, does not indicate future results. A strong ranking, a competition win or a certificate does not mean you will be profitable or successful in real markets.

3.4 Trading and investing carry real risk, including the loss of all money invested. Leveraged products such as CFDs, spread bets and futures carry a high risk of rapid loss and are not suitable for everyone.

4. What you pay for

4.1 Subscription payments and any competition entry fee are service fees for access to educational content, practice tools and competitions. They are not deposits, investments or capital allocations, and they generate no return.

4.2 Your maximum financial exposure through Reasoned is the fees you choose to pay. Nothing on Reasoned creates any further financial liability to us.

4.3 Only spend what you can comfortably afford on an education service.

4.4 Refunds and cancellation rights are set out in the Subscription and Billing Terms and, for competitions, the Competition Terms and Conditions. Your statutory rights are unaffected.

5. AI features

5.1 The AI Interview Coach, CV Tailor and automated feedback use artificial intelligence, which can produce inaccurate, incomplete or outdated output.

5.2 AI feedback is practice, not assessment. It does not measure your ability, predict how an employer will evaluate you, or guarantee any outcome.

5.3 You are responsible for what you submit to employers, including the accuracy and truthfulness of your CV and applications. Always check AI suggestions yourself.

5.4 AI output is never financial, investment, legal, tax or career advice.

6. Certificates, scores and rankings

6.1 Certificates, the Reasoned Score, XP, tiers and leaderboard positions record performance on our platform under published criteria.

6.2 They are not regulated qualifications, professional accreditations, or licences to trade, advise or carry out any regulated activity, and they are not recognised by the FCA or any accreditation body.

6.3 They do not guarantee an interview, offer, internship, placement, funded account or any other opportunity.

6.4 We may revoke or adjust them where they were obtained in breach of our terms or through an error.

7. Guest speakers, partner content and community

7.1 We host talks, webinars and content from guest speakers, industry professionals, societies and partners. Their views are their own, not ours, and nothing they say is advice or a recommendation from Reasoned.

7.2 Content shared by other users — in societies, teams, comments or community spaces — is theirs. We moderate against our standards but do not check every post for accuracy. Do not treat another user's opinion as advice.

7.3 Where a speaker or partner has a commercial interest in what they are describing, we ask them to say so and we label it.

8. Employers, recruiters and career outcomes

8.1 Any visibility to firms, recruiters or employers is opt-in only and provided for career development purposes.

8.2 We are not a recruitment agency, employment business or introducer, and we charge you nothing for finding work.

8.3 We make no representation that you will be contacted, shortlisted, interviewed or hired. Decisions are entirely those of the third party, under their own criteria and processes.

8.4 We are not responsible for the conduct, decisions or commitments of any firm, recruiter or partner.

9. Third parties, sponsors and prizes

9.1 Reasoned works with third parties including the simulated trading platform provider, sponsors, prize providers, Perks partners and university societies.

9.2 Those organisations operate independently, under their own terms, and we are not responsible for their products, services, availability, conduct or regulatory status.

9.3 Sponsorship or the presence of an affiliate link does not mean we endorse a product or service. Sponsored content and commission arrangements are clearly disclosed.

9.4 Where a prize involves a trading evaluation, funded account or brokerage credit provided by a third party, accepting it is your choice, it is subject to that provider's terms, and we do not encourage you to trade or deposit money with anyone.

10. Real-world products that resemble what you practise here

10.1 Practising in a simulated environment may make products such as CFDs, spread bets, futures, options and prop firm evaluations look more familiar than they are.

10.2 These products are high risk. Most retail investors lose money trading CFDs and spread bets. Prop firm evaluations usually charge a fee, most participants do not pass, and passing does not guarantee funding or income.

10.3 Reasoned does not recommend, endorse or arrange any of these products. If you decide to use one, check that the provider is authorised to do business with you, read their terms, and consider taking regulated advice first.

11. Availability and early-stage features

11.1 Reasoned is provided on an "as available" basis, and parts of it are new or in beta. Interruptions, bugs and incomplete features can occur.

11.2 We are not liable for loss caused by unavailability or technical problems outside our reasonable control, including failures of third-party infrastructure.

11.3 Where paid features are unavailable for more than 72 hours in a billing period because of a problem on our side, contact us for a pro-rata credit or refund.

11.4 This clause does not exclude your statutory rights. If paid digital content or services are faulty, not as described, or not supplied with reasonable care and skill, you are entitled to the remedies in the Consumer Rights Act 2015.

12. Limitation of liability

12.1 Clause 37 (Our responsibility to you) of the Platform Terms of Service governs our liability. In summary: we are responsible for foreseeable loss caused by us breaking our terms or failing to use reasonable care and skill; we are not responsible for unforeseeable loss or business losses; and our total liability is capped at the greater of the amount you paid us in the previous 12 months and £100.

12.2 In particular, we are not liable for loss arising from:

real-world trading or investment decisions you make, whether or not influenced by anything on Reasoned;
reliance on educational content, analytics, leaderboards or AI output;
the acts or omissions of third parties, including trading platform providers, sponsors, prize providers, employers and recruiters;
unauthorised access to your account resulting from your failure to keep your login details secure;
changes to features, competition structures or prices made in accordance with our terms.

12.3 We do not exclude or limit liability for death or personal injury caused by our negligence, for fraud, or for anything else that cannot lawfully be excluded, including your rights under the Consumer Rights Act 2015.

13. Your acknowledgements

By using Reasoned you acknowledge that:

you are 18 or over and able to enter into a binding agreement;
all trading activity on Reasoned is simulated and involves no real money;
Reasoned is not regulated by the FCA and is not a broker, fund or prop firm;
nothing on Reasoned is financial advice or a financial promotion;
simulated results and AI feedback are not predictive of real-world outcomes;
certificates and scores are not qualifications and guarantee no opportunity;
real trading and investing can result in the loss of all money invested;
you will seek independent professional advice before acting in real markets.

14. Regulatory information

Company name: Reasoned Limited Company number: 16859259 Registered office: 128 City Road, London EC1V 2NX, United Kingdom Companies House: https://find-and-update.company-information.service.gov.uk ICO Registration No. ZC090450

The services we provide are not regulated activities under FSMA or the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. No regulatory protection such as the Financial Services Compensation Scheme or the Financial Ombudsman Service applies to your use of Reasoned or to any fee you pay us.

15. Changes, law and contact

15.1 We may update this Disclaimer. The current version is always published with the date it was last updated, and we will tell you about material changes as set out in the Platform Terms of Service.

15.2 This Disclaimer is governed by the law of England and Wales. You may bring proceedings in England and Wales, or in your local courts if you live in Scotland or Northern Ireland.

15.3 Questions: team@reasonedfinance.com

Reasoned Limited · 128 City Road, London EC1V 2NX · Company No. 16859259