Last updated: 30 September 2026

This Refund and Cancellation Policy applies to digital research products and research subscriptions sold by Hypothesis Research Ltd ("Hypothesis Research", "we", "us" or "our") through our websites and online store.

Hypothesis Research provides digital investment research, market research, company research, industry research and related research content. Our products are supplied electronically. We do not sell or deliver physical goods.

This Policy does not affect any rights that you may have under applicable consumer law.

1. Digital Research Reports

Research reports purchased individually from Hypothesis Research are supplied as digital content, normally by electronic download or online access.

Because these products are digital, there are no physical products to return.

Immediate access and your right to cancel

Consumers purchasing digital content online would ordinarily have a 14-day cancellation period.

However, where you choose to receive immediate access to a digital research report, you will be asked before supply begins to:

• expressly consent to the immediate supply of the digital content; and

• acknowledge that, once supply of the digital content begins, you will lose your statutory 14-day right to cancel the purchase.

Once the digital research report has been made available for download or access following that consent and acknowledgement, you will no longer have the statutory right to cancel the purchase simply because you have changed your mind.

Accordingly, we do not normally offer refunds for downloaded or accessed research reports where the customer has consented to immediate supply and acknowledged the loss of the cancellation right.

This does not affect your statutory rights where digital content is faulty or does not conform to the contract.

2. When We May Provide a Refund or Replacement

If there is a problem with a digital report you have purchased, please contact us at ma@hypothesisresearch.co.uk.

Examples may include circumstances where:

• you receive a different report from the one you ordered;

• the supplied file is corrupted and cannot reasonably be opened or read;

• significant pages or sections of the purchased report are missing because of a technical error;

• you are unable to download or access the report because of a problem with our systems; or

• the digital content does not conform to the description under which it was sold.

Where appropriate, we will first seek to resolve the problem by providing access to the correct or functioning digital content.

Where applicable consumer law entitles you to a price reduction or refund, we will provide the appropriate remedy in accordance with your statutory rights.

3. Change of Mind

Once immediate access to a digital report has begun after you have expressly consented to immediate supply and acknowledged the loss of your cancellation right, we do not normally provide refunds because:

• you have changed your mind;

• you no longer require the research;

• you have subsequently obtained similar research from another source;

• market conditions or the price of a security have subsequently changed;

• you disagree with the opinions, analysis, estimates, forecasts or conclusions contained in the research; or

• an investment, company, industry or market subsequently performs differently from the analysis, estimates or forecasts contained in the research.

Investment and market research necessarily involves analysis, estimates, assumptions and opinions concerning uncertain future events. A subsequent change in market conditions or a difference between actual outcomes and forecasts does not, by itself, mean that the digital content is faulty.

Nothing in this section limits your statutory consumer rights.

4. Research Subscriptions

Hypothesis Research may offer monthly or other recurring subscriptions providing access to research content available on hypothesisresearch.com.

The price, billing frequency and content included in a subscription will be displayed before you subscribe.

Where a subscription automatically renews, the applicable subscription fee will be charged at the stated billing interval until the subscription is cancelled.

Cancelling a monthly subscription

You may cancel your monthly subscription at any time through the cancellation method provided on the website or your customer account, where available, or by contacting us at:

ma@hypothesisresearch.co.uk

Cancellation normally prevents the subscription from renewing for another billing period.

Unless otherwise stated at the time of purchase or required by applicable law, you will continue to have access to the subscription content until the end of the monthly period for which you have already paid.

For example, if your subscription renews on the 15th day of each month and you cancel it on the 20th, you would normally retain access until the 14th day of the following month, after which you would not be charged for another monthly period.

Refunds for partially used subscription periods

We do not normally provide a full or partial refund for an already-paid monthly subscription period solely because you choose to cancel the subscription before the end of that period.

Instead, cancellation normally takes effect at the end of the current paid subscription period and prevents the next renewal.

This does not affect any cancellation, refund or other rights that you may have under applicable consumer law.

5. Immediate Access to Subscription Content

Where you purchase a subscription and request immediate access to digital research content, we may ask you to expressly consent to the supply of digital content beginning immediately and to acknowledge the effect that immediate supply has on applicable cancellation rights.

Any statutory cooling-off or cancellation rights applicable to your subscription will be dealt with in accordance with applicable UK consumer law.

Your right to stop future subscription renewals is separate from any statutory cooling-off right. You may cancel future renewals in accordance with the subscription cancellation provisions above.

6. Duplicate Purchases and Payment Errors

If you accidentally purchase the same individual research report more than once, are charged more than once for the same subscription period, or believe that an incorrect amount has been charged, please contact us.

Where we confirm that a duplicate or erroneous charge has occurred, we will refund the relevant duplicate or incorrect payment.

7. Research Updates

A purchased report reflects the information, data, analysis and opinions applicable at the date stated in that report.

Unless expressly stated otherwise in the relevant product description, purchasing an individual report does not entitle the purchaser to receive future editions, revisions or updates of that report free of charge.

Research available through a subscription may be added, updated, replaced or removed from time to time in accordance with the applicable subscription terms.

8. Investment Performance and Research Opinions

Hypothesis Research provides investment, market and industry research. Research may contain forecasts, estimates, opinions, valuations and other forward-looking information.

Research does not constitute a guarantee of future performance.

A change in the market price of a security, changes in economic or industry conditions, subsequent company announcements, or actual results differing from forecasts or estimates do not, by themselves, provide a right to a refund.

This section does not exclude or restrict any statutory rights relating to digital content that does not conform to the contract.

9. Refund Processing

Where you are legally entitled to a refund, or where we otherwise agree to provide one, the refund will be processed without undue delay and, where required by applicable law, within 14 days of the date on which we agree that you are entitled to the refund.

Refunds will normally be made using the same payment method used for the original transaction unless you expressly agree otherwise.

We will not charge a fee for processing a refund to which you are legally entitled.

The time taken for a refund to appear in your account after it has been processed may depend on your bank, card issuer or payment provider.

10. How to Request Assistance or a Refund

If you believe that digital content you purchased is faulty, you have received the wrong product, you have been incorrectly charged, or you believe you are otherwise entitled to a refund, please contact:

Hypothesis Research Ltd
124 City Road
London EC1V 2NX
United Kingdom

Email: ma@hypothesisresearch.co.uk

Please provide, where possible:

• your name;

• email address used for the purchase;

• order number;

• name of the report or subscription; and

• a description of the problem.

We may request reasonable additional information where necessary to investigate the issue.

11. Statutory Consumer Rights

Nothing in this Refund and Cancellation Policy excludes, restricts or otherwise affects rights that cannot lawfully be excluded or restricted under the Consumer Rights Act 2015, the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, or other applicable UK consumer-protection legislation.

If digital content does not conform to the contract, consumers may have statutory rights to repair or replacement and, in certain circumstances, a price reduction or refund.

12. Business and Professional Customers

Certain statutory consumer rights described in this Policy apply specifically to individuals acting for purposes wholly or mainly outside their trade, business, craft or profession.

Purchases made by companies, investment firms, professional investors or other customers acting wholly or mainly for business purposes may instead be governed by the applicable contractual terms, licence terms or institutional agreement entered into with Hypothesis Research.

13. Changes to This Policy

We may update this Refund and Cancellation Policy from time to time to reflect changes to our products, subscription arrangements, website, legal requirements or business practices.

The current version will be published on our website together with the date on which it was last updated.