Using <ul> in the profile description produces a rendering error: Moodle wraps the text with <p> tags and <ul> tags are not allowed within <p> tags in 1.0 strict.
Maybe the best solution is not to put the <p> tags around the description text.
Prove of issue:
I tried to close the opening <p> tag before the list and open another one after the list - and yep, no more rendering error.
some text ...
text continues ...