Just to reassure myself, I decided to check on what the FSA-UK's regulator of financial services had to say about investment clubs. As far as I can see, the only issue that touches on us would be with respect to money laundering i.e. that the bank or anybody else that we have dealings with has to know who we are "KYC" rules. And also that we must make sure that we don't give advise to anybody other than ourselves on what they should invest in. Anyway, I touch the relevant article for you to peruse at your leisure.
http://www.proshareclubs.co.uk/cgi-bin/proshareclubs/library/pagewiz.cgi?pg=/lib_money_laundering.htm
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