Today 18 Feb 2019, ShareSoc & UKSA have written to The Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy. We made three key points:
Appointment of auditors by a third party with the relevant skills and expertise would, once and for all, break the current link of excessive dependency between auditors and those they audit.
If, on a trial basis, the Regulator started by managing the appointment of auditors for FTSE 100 companies this would ...
The Financial Conduct Authority’s Sector Views publication provides its annual analysis of the changing financial landscape, the resulting impacts on consumers and market effectiveness. This analysis will feed into the FCA Business Plan 2019/20.
Although the Sector Views are not a consultation, the FCA are interested in the views of stakeholders on its findings. ShareSoc & UKSA made a joint submission. The main points we made were:
We are appalled that Sector Views fails to give sufficient weight to the damning criticisms of ...
Our relationships with key opinion formers continue to grow. Peter Parry, Mike Dennis, Mark Bentley and I had a very useful meeting with BEIS on 8 Jan and at their request I have written explaining why the Minister should now act on the nominee account issue. A copy of my letter of 18 Feb is below. (The reason for the long delay in writing this letter was due to illness. It was delayed due my trip to Cambodia and Vietnam, and then ...
UKSA and ShareSoc made a a joint response to the FRC Post Implementation Review of 2016 Ethical and Auditing Standards
The main points we made were:
We welcome the FRC’s decision to hold a post-implementation review of the 2016 Ethical and Auditing standards.
The audit profession and audits are in a state of crisis. The recent cases of Carillion, Conviviality, Patisserie Holdings, Flybe and Interserve make investors very worried as to whether they can trust accounts. It is not just the high ...
The UK Shareholders Association and ShareSoc have made a joint submission to the Competition and Markets Authority (CMA) in response to the update paper they have issued relating to their audit market study. Our submission is available here: CMA - Response to Update Paper Final
The key points we made were:
The need for radical change
The Siren voices, from those involved who argue for limited change, should be ignored.
The quality of audits needs to be improved.
Peer review is a good ...
ShareSoc and the UK Shareholders Association have submitted this joint response on behalf of individual investors to the House of Commons BEIS Committee enquiry on the future of audit. It is a joint response from UKSA and ShareSoc on behalf of individual investors.
UKSA and ShareSoc represent the interests of private shareholders. In addition to our own members, there are 5 million people who own shares and have investment accounts with platforms in the UK. The Office for National Statistics estimates that individual investors ...
Press release 108 - Small shareholders renew bid to make RBS a better run company
RBS Shareholders Requisition Shareholder Resolution for a Shareholder Committee.
Over 100 shareholders in the Royal Bank of Scotland (RBS) have requisitioned a resolution to install a "Shareholder Committee" at the company, which will include shareholder representatives, to improve the corporate governance and shareholder engagement at RBS.
RBS will now have to put this proposal to a vote at their Annual General Meeting (AGM) in May 2019.
Today, 17 December 2018, ShareSoc and the UK Shareholders Association submitted to the FCA a joint response on behalf of individual investors to this consultation. The key points we made were:
UKSA and ShareSoc represent the 5 million people who own shares and have investment accounts with platforms in the UK. We represent the individual investors who own 12% of the UK stock market: they own 30%, if you include their investments via funds, pensions, etc.
Our view is that better labelling of these ...
by Cliff Weight, Director, ShareSoc
The FCA have launched a new consultation on CFDs and “retail derivatives”: https://www.fca.org.uk/publications/consultation-papers/cp18-38-restricting-contract-difference-products-sold-retail-clients-and-discussion-other-retail
We are circulating this to members to see if anyone has specific experience and competence to be able to respond – and is willing to help.
The FCA have asked 17 specific questions. Our approach to consultations is to only answer those questions where we have particular knowledge. We usually write a covering letter highlighting our views about the key issues and then give the answers ...
I have received this feedback from the FRC "Thank you very much for rounding up a great audience on Monday, we are very pleased with how the event went. Please find attached the slides and feel free to circulate them to attendees." So, here are the slides.
Lifting the Lid Event Slides - 3 December 2018
The FRC stressed they want to hear our complaints about companies and auditors. If you have a complaint then send it to the FRC complaints email email@example.com. If you wish to ...