Independent brewer and pub company BrewDog has been criticised for failing to give enough protection to investors as it seeks to raise another £25m.
The company last month announced a second round of its Equity for Punks crowdfunding scheme last month, following its success in 2013 when it raised £4.25m.
As a result of that success it now plans to raise five times as much using the same process, with more than 520,000 shares available for anyone to buy online, with a minimum investment of £95 for two shares.
But the UK Crowdfunding Association has raised concerns about the scheme, claiming that anyone can invest in the BrewDog platform "without needed to be categorised or pass an appropriateness test" because the brewer is not authorised or regulated by the Financial Conduct Authority.
The body said it had written to the FCA arguing that crowdfunding offers should be conducted on platforms regulated by the authority, according to the Herald Scotland.
The Crowdfunding Association said it also noted that BrewDog had admitted mistakes when communicating its latest offer, which has already raised £5m.
BrewDog was not immediately available for comment. However it has been quoted as saying that the risk factors in the investment are listed in the prospectus for investors.