Consultations

This page contains all current and past public consultations to which ShareSoc has responded. The latest ones are at the top of the list. One of the main activities of ShareSoc is to make sure that the views of private shareholders are communicated, and your interests represented, and one way we do that is by responding to all relevant public consultations. Many of ShareSoc’s adopted policies on specific issues are documented in these consultation responses.

Note that some of the documents referenced in links are pdf files. You will need the Adobe Acrobat Reader installed to be able to open and read these documents. Most PCs already have that software installed, but if not you can download a free copy from https://get.adobe.com/uk/reader/


ShareSoc and UKSA Response to FCA Consultation on Guidance for Insolvency Practitioners

On 7th December 2020 the FCA published draft guidance for Insolvency Practitioners (IPs) on how to approach regulated firms and launched a consultation on that proposed guidance. This is of particular interest to individual investors because it guides the actions of IPs involved in Special Administrations, which occur when a broker fails. ShareSoc has been concerned about the Special Administration Regime (SAR) since we got involved with the Beaufort case. Clients with substantial portfolios were threatened with significant "haircuts" to their holdings, to ...

UKSA and ShareSoc response to the IASB’s consultation on Business Combinations

On 31 Dec 2020 the UK Shareholders Association and ShareSoc submitted a joint response to The IASB’s Discussion Paper on Business Combinations – Disclosures, Goodwill and Impairment (DP/2020/1) Our key messages are: We support the Board’s overall objective of enhancing disclosure on acquisitions and their subsequent performance. Current disclosure is extremely unsatisfactory. As a result we agree with the Board’s preliminary views set out in paragraph IN9 with the modifications and qualifications set out in this letter. We would also argue that ...

FCA Consultation
Consumer Investments Market Call for Input
ShareSoc’s response

A ShareSoc News item by ShareSoc Director Cliff Weight In our response we highlighted: The need for the system as a whole, including regulation, to work better for consumers We welcome the clear recognition in the CFI’s Foreword that there is indeed a problem - that there are suitable and inexpensive products, but people do not use them enough. In addition, that firms are not generally keen to promote them and that progress is slower than the FCA would like. The market ...

ShareSoc+UKSA make joint response to HM Treasury consultation ‘Regulatory Framework for Approval of Financial Promotions’

Peter Parry, ShareSoc member and former Policy Director at the UK Shareholders Association writes about the joint submission by the UK Shareholders Association and ShareSoc to the HM Treasury consultation ‘Regulatory Framework for Approval of Financial Promotions' Financial promotions – a case study in how not to delegate. The Consultation Another day and another consultation lands in the inbox. This one’s from HM Treasury - titled ‘Regulatory Framework for Approval of Financial Promotions’. Sounds boring? Maybe, but the issue under review is actually a ...

Stamp Duty review: ShareSoc-UKSA submit joint response to HMRC

A ShareSoc News Item written by Cliff Weight, ShareSoc Policy Director. We have today, 13 Oct 2020, submitted this response to HMRC. Our response is limited to Stamp Duty on shares and OEICS (unit trusts). Our analysis is that: The original rationale for stamp duty (cost of wax seal etc) is not just of historical interest. In this age of electronic transactions, these costs are no longer incurred and there is therefore the original justification for the charge is no longer valid. Stamp Duty ...

Capital Gains Tax review: ShareSoc-UKSA submit joint response to Office of Tax Simplification

A ShareSoc News Item written by Cliff Weight, ShareSoc Policy Director. We have today, 12 Oct 2020, submitted this response to the OTS, CGT-call for Evidence.  Our response is limited to CGT on shares and OEICS (unit trusts). Our analysis is that: CGT is complex. CGT needs to be simplified. CGT is unfair to individual investors in shares versus collectives. CGT inhibits effective risk management. We want to make CGT: Fairer Easier to work out Easier to administer Easier to collect. In detail, we have 3 ...

Capital Gains Tax review: ShareSoc-UKSA submit joint response to Office of Tax Simplification

We have today submitted this response to the OTS. ShareSoc -UKSA OTS CGT Review response on principles Review _Final We stressed the arguments for a rollover relief for individual investors and referred to the blog by Roger Lawson https://www.sharesoc.org/blog/taxation/capital-gains-tax-reform-surely-long-overdue/ and the comments by many members on that blog. Please can members comment here or add further comments to Roger's original blog. Cliff Weight, Director, ShareSoc  

FRC Consultation on Draft Plan and Budget 2020 / 21

On 25th February 2020, in a joint ShareSoc/UKSA response we responded to the FRC request for comment as follows: Thank you for circulating the Draft Plan and Budget to us for comment. Overall, we like the document that the FRC has produced. Aspects that we particularly like include: The structure: it is logical and easy to follow The content: the issues raised are thoughtful and meaningful. It is good, for example, to see the issue of transparency mentioned specifically. It is also good ...

LSE – Consultation on market structure and trading hours – N18/19 – Our response

ShareSoc calls for reduced trading hours, fewer auctions and wider access to DMA, in a detailed response to the London Stock Exchange Consultation. A copy of ShareSoc’s 8 page response to the 22 questions in response to the consultation detailed in Stock Exchange Notice N18/19 can be downloaded here: Response-to-LSE-Consultation-on-Market-Structure-and-Trading-Hours-N18-FinalR The consultation document can be downloaded here: https://www.londonstockexchange.com/traders-and-brokers/rules-regulations/change-and-updates/stock-exchange-notices/2019/n1819_attach1.pdf This is a very technical area. But nevertheless very important to individual investors. The response was very largely written by Mark Bentley, to whom members should ...

ShareSoc-UKSA Response: Law Commission Review of Intermediated Securities – Call for Evidence

ShareSoc-UKSA submitted a joint response on behalf of individual investors, on 5 Nov 2019. The key points we made were: Communication by email rather than by post is now the norm and assumed as the default position. Printing annual reports and shareholder circulars and sending them to shareholders by post is no longer necessary. Postage and printing costs were some of the key drivers of the nominee system. A modern system of intermediated securities should embrace and recognise modern technology and ensure ...