ShareSoc Blog
The ShareSoc blog provides news and informal commentary from directors, members and other contributors. Entries reflect the personal views of the authors, which do not necessarily reflect ShareSoc’s formal position. Contributors may hold shares in the companies mentioned. Nothing in this blog should be viewed as financial advice. You may submit comments on blog posts, but ShareSoc reserves the right to remove or edit inappropriate or defamatory submissions.
There is more news given in the News page of our web site and more analysis of news is provided in our monthly newsletter for members – see the Newsletters page.
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ShareSoc has delivered an 8 page response to the FCA's consultation: A new Consumer Duty : FCA Consultation Paper CP21/13.
We made the following key points:
We welcome the proposed new Consumer Duty, which will set clearer and higher standards.
For too long, retail consumers of financial products and services have been treated unfairly. Too often, the financial services industry has exploited weaknesses in the financial education, knowledge and behavioural biases of customers to charge excessive fees and deliver unsuitable products.
We find it disappointing ...
Lord Lee of Trafford and Patron of ShareSoc has been invited to meet the new chief of the Takeover Panel, Ian Hart. This follows Lord Lee's actions earlier this year including a Parliamentary Question and a major article in the Times. Backed by ShareSoc, he lobbied for companies to let their owners (their shareholders) know as soon as possible about potential bids, even if they have to say “there can be no certainty that an offer will ultimately be made”. He ...
Yet another public consultation issued by the Financial Conduct Authority (FCA) in mid-summer is one on KIDs (Key Information Documents). This is relevant to private investors and is designated CP21/23 – see link below.
KIDs are imposed and regulated under the PRIIPs regulation as devised by the EU for packaged investment products such as funds and trusts. KIDs give basic financial information, risk indicators and likely future performance based on past performance. Those who purchase investment trusts for example will be asked ...
ShareSoc Blog by Cliff Weight, Director (Pronouns: He/his/his). Please note these are my personal views and not necessarily those of ShareSoc.
I have received the request below about a subject dear to my heart and hopefully of other members. If you are willing and wanting to contribute please contact us with your name and contact details and I will organise a meeting with the FCA about this.
It is good news that the FCA is reaching out in this way to seek ...
1. Leigh Day, whose claim ShareSoc has endorsed, submitted their Letter Before Action (LBA) to Link in March and Leigh received a reply from Clifford Chance (on behalf of Link) in June, which they are now reviewing.
2. The FCA published a new report on Authorised Fund Managers (also referred to as ACDs), on 30 June. This highlighted the importance of the role Link should have played and in our view further supports the strength of the Leigh Day claim. Our comments ...
By Cliff Weight, Director, ShareSoc. These are my personal views and do not necessarily reflect the views of ShareSoc.
The FCA has published two reports in a week that highlight the historic failings of the fund management industry and are hugely critical.
According to Wealth Manager "In a damning report, the watchdog said fund houses have failed to properly assess the value of their funds." see https://citywire.co.uk/wealth-manager/news/asset-managers-can-t-explain-why-funds-offer-value-fca-says/a1527497
It is a good report with many sensible suggestions. It should have been done 5 years ago immediately ...
ShareSoc and the UK Shareholders Association made a joint submission on the FCA Discussion Paper DP21/1 Strengthening our financial promotion rules for high-risk investments and firms approving financial promotions.
In a 9 page response to the FCA, we noted:
ShareSoc and UKSA represent the views of individual investors (aka retail investors). We have combined over 8,000 members. This is an important discussion paper and we welcome the chance to submit our views. We would be happy to meet to give further background.
We think there ...
ShareSoc and the UK Shareholders Association made a joint submission in a massive 77 page response to the BEIS consultation "Restoring trust in audit and corporate governance".
Our full consultation response is here: BEIS-Restoring-trust-in-audit-and-corporate-governance-Joint-response-from-UKSA-and-ShareSoc-1-July-2021
The FCA consultation document can be read here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/970673/restoring-trust-in-audit-and-corporate-governance-command-paper.pdf
Key Points:
Stakeholder and wider public trust in the credibility of directors’ reporting and the statutory audit has been shaken by a succession of sudden and major corporate collapses which have caused serious economic and social damage.
We consider that these collapses ...
ShareSoc and the UK Shareholders Association made a joint submission on the FCA Consultation FCA CP21/12: A new authorised fund regime for investing in long term assets.
In a 12 page response to the FCA consultation, we concluded the idea of LTAFS was ill-founded and these proposals should be consigned to the scrap heap. We also said that no new type of fund should be contemplated until the FCA had reported on its Woodford investigation.
Our full consultation response is here: FCA Consultation Paper LTAF ...
Good News! A transfer of one of my SIPPs from one platform to another has finally been completed today (22nd June). I initiated the transfer on the 12th January this year so this has actually taken over 5 months. A totally unreasonable period of time for what should have been a simple transfer of cash and a few direct shareholdings of UK listed crest stocks. However their failure to collect the tax refunds on PID dividends on some of the holdings ...
