Mini-bonds are effectively a private borrowing agreement between a company and an investor that cannot be transferred to someone else. In contrast, retail corporate bonds and government gilt-edged securities are freely tradeable instruments. The financial promotion of non-listed corporate bonds must be carried out by an FCA-authorised and regulated company to ensure the invitation to invest is fair, clear and not misleading. They are not protected by the Financial Services Compensation Scheme. While safeguards are in place, the FCA is very clear that every investor should be aware that their capital is at risk.