Terms of Service
Last updated: 20/06/2025

Welcome to Challenger Research Ltd's publication on Substack. By accessing or using our content, services, and website (the “Service”), you agree to be bound by these Terms of Service (the “Terms”). Please read them carefully.

1. Who We Are

Challenger Research Ltd (“we,” “us,” or “our”) is a UK-based research and content publisher. We operate a Substack newsletter and website to share insights, analysis, and commentary.

2. Acceptance of Terms

By subscribing, accessing, or otherwise using our Service, you agree to these Terms and our Privacy Policy. If you do not agree, do not use the Service.

3. Use of Our Content

• Personal Use Only: All content is for your personal, non-commercial use.

• No Redistribution: You may not reproduce, distribute, modify, or publicly display our content without prior written permission.

• Attribution: Where sharing is permitted (e.g., with public articles), you must provide clear credit to Challenger Research Ltd with a link to the original source.

4. Paid Subscriptions

If you choose a paid subscription:

• You authorise Substack to charge your chosen payment method.

• All payments are managed through Substack’s payment system and subject to their Payment Terms.

You may cancel at any time via your Substack account settings. Access to paid content ends at the conclusion of the paid period.

5. Intellectual Property

All content, trademarks, logos, and branding are the property of Challenger Research Ltd or its licensors. You may not use them without written permission.

6. User Conduct

You agree not to:

• Violate any laws or regulations;

• Infringe upon our intellectual property rights;

• Transmit any malicious code or spam;

• Abuse, harass, or impersonate others.

We reserve the right to terminate access for any conduct we consider inappropriate or harmful.

7. Endorsements and Referrals

From time to time, we may include links to other Substack publications or third-party content. Some of these links may be part of Substack’s referral program or other affiliate arrangements. This means we may earn a small commission or benefit if you choose to subscribe through those links.

We only recommend content or creators that we genuinely believe may be of interest to our readers. However, any such endorsement is based on our opinion and does not constitute a guarantee, warranty, or representation of accuracy, quality, or suitability.

8. Financial Content Disclaimer

Our publication may include content that discusses financial markets, investments, economic trends, or related topics. The information provided is for general informational and educational purposes only and does not constitute:

• Financial or investment advice;

• A recommendation to buy, sell, or hold any financial instrument;

• A solicitation or offer to invest or engage in any financial transaction.

We are not regulated by the Financial Conduct Authority (FCA) or any other financial services regulator. You should always do your own research and consult with a qualified financial advisor or professional before making any investment decisions.

Past performance is not indicative of future results.

9. Disclaimers

We do our best to provide accurate and timely content, but we make no warranties or representations about the completeness, accuracy, or reliability of any information provided. Use of the Service is at your own risk.

10. Limitation of Liability

You agree to absolve Challenger Research Ltd, its authors, and affiliates of any and all liability or loss that you or any person or entity associated with you may suffer or incur as a result of the use of any information contained on this website, in our newsletter, or in any resources you may download or access through our Service.

To the fullest extent permitted by law, Challenger Research Ltd shall not be liable for any damages of any kind, including but not limited to direct, indirect, special, incidental, consequential, or equitable losses or damages, arising from the use of—or inability to use—our content, resources, or services.

Use of the content is entirely at your own risk. We make no guarantees regarding the accuracy, completeness, or suitability of the information provided.

11. Governing Law and International Use

These Terms are governed by and construed in accordance with the laws of England and Wales.

If you are accessing our Service from outside the United Kingdom, you are responsible for ensuring that your use complies with local laws and regulations. Accessing our content from jurisdictions where it may be illegal or restricted is done at your own risk.

Any legal action arising from these Terms shall be brought in the courts of England and Wales unless otherwise required by applicable law in your jurisdiction.

12. Changes to These Terms

We may update these Terms from time to time. If we do, we’ll notify you by updating the date at the top of this page. Continued use of the Service after changes means you accept the new Terms.

13. Contact Us

If you have any questions or concerns, please email us at:
📧 team@challengerresearchgroup.com