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/
In our 9 page response we said:
We welcome this consultation paper CP21/21.
ShareSoc is a not-for-profit organisation with over 8,000 members. We represent the interests of 5 million individual shareholders and 12 million individual investors in the UK. We are members of Better Finance who, together with our sister organisations in other countries represent individual investors throughout Europe. We are also members of the World Federation of Investors. ShareSoc Chair, Mark Northway, is also Chair of the World Federation of Investors.
Our members ...
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 ...
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
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 ...
ShareSoc News Item, by Cliff Weight, Director.
Proposal to adopt ISQM (UK) 1 Quality Management For Firms That Perform Audits Or Reviews Of Financial Statements, Or Other Assurance Or Related Services Engagements, ISQM (UK) 2 Engagement Quality Reviews, and revise ISA (UK) 220 (Revised November 2019) Quality Control For An Audit Of Financial Statements
ShareSoc and UKSA made a joint response to this FRC consultation. The key points we made were:
We believe most shareholders look to audits of annual financial statements to underpin their confidence and trust ...
Official News Item by Cliff Weight, Director
ShareSoc and the UK Shareholders Association made a joint response to the FRC on the FRC’s Draft Plan and Strategy and Budget 2021/ 2022. Our key points were:
We believe that this sets out sufficiently clearly the FRC’s plans and strategy for the coming year. We are not able to comment in any detail on the proposed budget but we believe that, with minor exceptions, it provides as much information as most stakeholders are likely to require.
A ShareSoc news item by ShareSoc Director Cliff Weight
ShareSoc and UKSA submitted a joint response on 19th February 2021. In summary we said:
A long history of regulatory failures demonstrates serious deficiencies in the way financial services are currently regulated.
The UK’s departure from the EU means that the UK can now set its own financial services rules, untrammelled by the views of 27 other countries.
We believe that major changes are required, particularly in the following areas:
Making the best ...
A ShareSoc news item by ShareSoc Director Cliff Weight
The fundamentals of financial regulation are under question
Recent regulatory failures (for example Woodford, the mis-selling of mini-bonds peddled by London & Capital Finance, Wellesley, and the failure to protect pensioners being pressured by advice on pension transfers from commissioned agents) have forced a welcome review of current practice. ShareSoc and UKSA are responding to make sure the interests of ordinary savers and investors are properly safeguarded.
Two separate consultations are in progress, for HM ...
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 ...