--- title: Phos successfully obtains advance assurance description: Phos successfully obtains SEIS and EIS advance assurance. Phos Limited helps to empower merchants to seamlessly integrate payment acceptance with a universe of additional business applications, such as loyalty, vouchers, budgeting, campaign management and analytics all from the comfort of their smartphones image: https://www.sapphirebusinessadvisers.co.uk/hubfs/Images%20(Old%20Portal)/Blog%20Main_Banner%20Image.jpeg --- × # Risk summary for non-readily realisable securities which are shares: Last updated: 01 November 2025 **Estimated reading time: 2 min** **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.** ###### What are the key risks? **1. You could lose all the money you invest** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2. You are unlikely to be protected if something goes wrong** Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker [here](https://www.fscs.org.uk/check/investment-protection-checker/) or via the following URL link: [https://www.fscs.org.uk/check/investment-protection-checker/](https://www.fscs.org.uk/check/investment-protection-checker/). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [here](https://www.financial-ombudsman.org.uk/consumers) or via the following URL link: [https://www.financial-ombudsman.org.uk/consumers.](https://www.financial-ombudsman.org.uk/consumers) **3. You won’t get your money back quickly** Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. **4. Don’t put all your eggs in one basket** Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Read more about it [here](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest) or via the following URL link: [https://www.fca.org.uk/investsmart/5-questions-ask-you-invest.](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest) **5. The value of your investment can be reduced** The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. **If you are interested in learning more about how to protect yourself, visit the FCA’s website** [here](https://www.fca.org.uk/investsmart) or via the following URL link: [https://www.fca.org.uk/investsmart.](https://www.fca.org.uk/investsmart)   Please find the PDF version [here](https://www.sapphirecapitalpartners.co.uk/hubfs/Text%20for%20Take%202%20minutes-1.pdf?hsLang=en). ![Sapphire Logo\_Black](https://217255.fs1.hubspotusercontent-na1.net/hub/217255/hubfs/Sapphire%20Logo_Black.png?width=2000&name=Sapphire%20Logo_Black.png) Back ![search icon](https://217255.fs1.hubspotusercontent-na1.net/hubfs/217255/search%20icon.svg) ![search icon](https://217255.fs1.hubspotusercontent-na1.net/hubfs/217255/search%20icon.svg) ✕ ➜ Boyd Carson ###### 11TH October 2026 ![\Phos successfully obtains advance assurance\](https://www.sapphirebusinessadvisers.co.uk/hs-fs/hubfs/Images%20(Old%20Portal)/Blog%20Main_Banner%20Image.jpeg?width=671&height=460&name=Blog%20Main_Banner%20Image.jpeg) ![\Phos successfully obtains advance assurance\](https://www.sapphirebusinessadvisers.co.uk/hs-fs/hubfs/Images%20(Old%20Portal)/Blog%20Main_Banner%20Image.jpeg?width=671&height=460&name=Blog%20Main_Banner%20Image.jpeg) # Phos successfully obtains advance assurance Boyd Carson ###### 11TH October 2026 #### “For investment managers operating in sectors such as green-tech, agri-tech, and clean-tech, this shift has profound implications for due diligence, valuation discipline, and investor relations.” ###### The Evolution of Climate Disclosure Frameworks and Investor Expectations As regulatory frameworks tighten and investor scrutiny intensifies, climate-related disclosures have evolved from voluntary commitments to essential components of financial transparency and risk management. Climate-related disclosure has undergone a fundamental transformation over the past decade. What began as voluntary corporate social responsibility reporting more than a decade ago has evolved into a sophisticated regulatory regime underpinned by international standards and mandatory compliance frameworks. Institutional investors and fund managers now regard climate disclosures not as supplementary information, but as material financial data critical to risk assessment, portfolio construction, and fulfilling their fiduciary duty. The convergence of stakeholder pressure, regulatory intervention, and market demand has accelerated this evolution. Investors increasingly recognise that climate risks are serious, whether physical ( extreme weather events) or transitional (policy and technology), represent genuine financial exposures that require systematic disclosure and management. For investment managers operating in sectors such as green-tech, agri-tech, and clean-tech, this shift has profound implications for due diligence, valuation discipline, and investor relations. Last year's full scope implementation of the UK's Sustainability Disclosure Regime (SDR) and associated reporting standards represents the latest milestone in this evolution. Understanding how these frameworks actually interact and what obligations they create is now essential to maintaining regulatory compliance and governance, as well as attracting institutional capital. ###### Why Standardised Climate Reporting Matters for Investment Decision-Making Standardised climate disclosure frameworks deliver three critical benefits for investment decision-making: comparability, materiality, and decision-usefulness.    Without consistent reporting standards, investors in the sustainability thematic face significant challenges in assessing climate risks across portfolios, benchmarking performance, and allocating capital efficiently. Inconsistent or voluntary disclosures create information asymmetries that increase due diligence costs, undermine valuation accuracy, and erode investor confidence. For early-stage investment managers, standardised climate reporting serves a dual function. First, it enhances transparency and accountability, enabling fund managers to demonstrate rigorous risk management and governance to investors. Second, it creates a structured framework for evaluating climate-related opportunities and risks within portfolio companies, ensuring that sustainability considerations are integrated into investment theses, valuation methodologies, and ongoing portfolio oversight. Standardisation also addresses a core challenge in early-stage markets: the prevalence of greenwashing and inflated sustainability claims. By mandating specific disclosures around governance, strategy, risk management, and metrics as required under frameworks such as the recently enacted UK Sustainability Reporting Standards (SRS) S1 and S2, regulators are establishing a baseline of rigour that protects both investors and the integrity of sustainable finance markets. Adherence to these standards is increasingly linked to AIFM regulatory expectations around conduct, transparency, and investor protection. ![Rectangle 3469873](https://217255.fs1.hubspotusercontent-na1.net/hub/217255/hubfs/Rectangle%203469873.png?width=357&height=357&name=Rectangle%203469873.png) #### “Technology integration plays a critical role in scaling climate disclosure practices efficiently.” ###### Key Regulatory Developments Shaping Climate Disclosure Requirements The UK's Sustainability Disclosure Regime (SDR) represents the overarching regulatory architecture governing sustainability-related disclosures across corporate entities, investment products, and financial markets. Announced in the UK Government's 'Greening Finance: A Roadmap to Sustainable Investing' (2021) and reinforced in the 2024 SDR implementation update, the regime is designed to streamline the flow of robust, decision-useful information across the market, enhance transparency, standardise reporting practices, and combat greenwashing.   Within the SDR framework sit the UK Sustainability Reporting Standards (UK SRS), which provide the technical content and structure for corporate sustainability disclosures. Specifically:   - UK SRS S1 sets out general requirements for disclosure of sustainability-related financial information, covering governance, strategy, risk management, metrics, and targets across all sustainability issues. - UK SRS S2 establishes climate-specific disclosure requirements, addressing climate-related risks, opportunities, and associated metrics. Both standards are the UK-endorsed versions of IFRS S1 and IFRS S2, adapted for application within the UK regulatory context. Currently, UK SRS remains voluntary, but the Financial Conduct Authority (FCA) is consulting on how to incorporate these standards into listing rules, signalling a clear trajectory toward mandatory adoption for listed companies and, potentially, large private entities.   For AIFMs, this regulatory evolution has direct implications as mandatory adoption will likely be enforced via SDR rules, making UK SRS the technical standards used to satisfy SDR obligations. Funds will ultimately be expected to disclose using UK SRS as the baseline for compliance.   The practical relationship between SDR and SRS can be summarised as follows: SDR sets the regulatory expectations and determines who must report, when, and how; UK SRS provides the specific content, metrics, and structure of those disclosures.  ###### Building Investor Confidence Through Transparent Climate Risk Management I expect that investors will be increasingly demanding evidence of rigorous climate risk assessment, integration of ESG factors into investment decisions, and clear accountability structures at the fund level. Demonstrating compliance with emerging disclosure standards and maintaining alignment with best practices in sustainability reporting for SDR labelled funds are essential to building and sustaining investor confidence. Transparency begins with governance.  Investment committees for SDR labelled funds should routinely consider climate risks as part of investment approvals, portfolio reviews, and exit planning. Documentation of these processes through board minutes, investment memoranda, and quarterly reporting provides tangible evidence of governance rigour and supports regulatory compliance under frameworks such as UK SRS S1. Equally important is the communication of climate risks and opportunities to investors. For funds operating in climate-sensitive sectors or pursuing impact-driven mandates, transparent disclosure also reinforces credibility, mitigates greenwashing risk, and aligns fund strategy with investor values and impact objectives. Transparent climate risk management supports long-term value creation. By embedding climate considerations into the investment thesis, due diligence, and valuation discipline, investment managers can identify emerging opportunities and avoid stranded assets or regulatory risks. This proactive approach not only enhances portfolio resilience but also positions funds to capitalise on the transition to a low-carbon economy delivering both financial returns and positive environmental outcomes for stakeholders. ###### Implementing Robust Climate Disclosure Practices in Early-Stage Portfolios For those operating in early-stage markets, implementing robust climate disclosure practices requires a pragmatic, proportionate approach that balances regulatory expectations with operational realities. Early-stage companies, particularly those in sectors such as technology, fintech, green-tech, and agri-tech, often lack the resources, systems, and maturity to produce comprehensive climate disclosures. However, establishing foundational practices at the fund level and embedding expectations within portfolio governance can create a scalable pathway toward compliance and transparency. Investment managers should have already begun integrating climate considerations into core investment processes: due diligence, valuation, and ongoing portfolio oversight. During due diligence, assessing a company's exposure to climate-related risks (both physical and transition) and its governance structures for managing those risks should be now evolving into standard practice. Valuations should consider climate risks and opportunities where material, ensuring that ESG factors are not treated as auxiliary considerations but as integral components of financial modelling and risk-adjusted returns. At the portfolio level, investment managers can support early-stage companies by providing guidance on establishing basic climate governance structures, identifying relevant metrics (such as greenhouse gas emissions, energy consumption, or climate-related capital expenditures), and preparing for future disclosure obligations. This support need not be burdensome; even simple frameworks such as quarterly ESG reporting templates, access to technology-enabled administration platforms, or participation in educational workshops can build capability and readiness over time. Technology integration plays a critical role in scaling climate disclosure practices efficiently. Fund administration platforms that incorporate ESG data collection, reporting automation, and integration with fund accounting systems reduce manual processes, improve data quality, and enhance transparency for investors.  Boyd Carson CONNECT ### Related Case Studies ## Start your fund journey today Schedule your free fund strategy consultation. [contact us](https://143373057.hs-sites-eu1.com/about-us-1) ![SBA Logo](https://www.sapphirebusinessadvisers.co.uk/hubfs/Sapphire%20Adviser%202026%20Assets/SBA%20Logo.svg) Sapphire Business Advisers provides specialist advisory services to early-stage and growing companies, including SEIS and EIS advance assurance, valuations, consulting and non-executive director support. ## Company [About Us](https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance#about) [Services](https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance#services) [Contact](https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance#contact) ## Services [SEIS & EIS Advance Assurance](https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance#services) [Business Valuations](https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance#services) [Business Consulting](https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance#consulting) [Non-Executive Director Support](https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance#non-executive) ## Contact [Email Us](mailto:boyd@sapphirecapitalpartners.co.uk?subject=Business%20Enquiry%20%E2%80%94%20Sapphire%20Business%20Advisors&body=Hi%20Boyd%2C%0A%0AI%20came%20across%20Sapphire%20Business%20Advisors%20and%20would%20like%20to%20learn%20more%20about%20your%20services.%0A%0AI%20look%20forward%20to%20hearing%20from%20you.%0A%0ABest%20regards%2C%0A%5BName%5D) [Schedule A Call](https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance#contact-us-popup) ## Legal Privacy Policy Terms & Condition © 2026 Sapphire Business Advisers. All rights reserved. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Boyd Carson", "url" : "https://www.sapphirebusinessadvisers.co.uk/blog/author/boyd-carson" }, "dateModified" : "2026-10-11T14:50:05.342Z", "datePublished" : "2026-10-11T14:49:58.000Z", "headline" : "Phos successfully obtains advance assurance", "image" : [ "https://www.sapphirebusinessadvisers.co.uk/hubfs/Images%20(Old%20Portal)/Blog%20Main_Banner%20Image.jpeg" ], "mainEntityOfPage" : { "@id" : "https://www.sapphirebusinessadvisers.co.uk/blog/phos-successfully-obtains-advance-assurance", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.sapphirebusinessadvisers.co.uk/hubfs/Sapphire%20Adviser%202026%20Assets/Sapphire%20Business%20Advisors.svg" } } } ```