ShareSoc News

Representing, Lobbying and Campaigning – Progress Update 01 August 2022

Executive Summary We have focussed our resources mainly on the Woodford campaign, best practice guidance for AGMs, nominee accounts and pre-emption rights; and maintaining good relationships with the FCA, FRC, BEIS and Treasury. Activities relating to ShareSoc’s shortly to be launched Investing Basics Course have consumed much of our available resource and limited what can be done on campaigns. Nevertheless, we have made much progress. Since our last update of 4 April 2022 we have worked on: Consultation responses and government lobbying  ...

ShareSoc/UKSA Joint response to IFRS Foundation International Sustainability Standards Board Consultation

In a joint UKSA/ShareSoc response on 29 July 2022, we said We support the creation of the International Sustainability Standards Board and wish to see it succeed in its mission of developing high-quality global standards for sustainability reporting by companies, which should lead to mitigate against the confusion of the complex web of sustainability standards that currently exists. In order to succeed as global standards, the IFRS Sustainability Standards need to be adopted by the local authorities of countries and regions ...

ShareSoc Woodford Campaign Webinar 19th July – Report

  We received very strongly positive feedback from the 832 registrants to this webinar. A recording of the webinar is available here. The Missing 90% The webinar highlighted the Enigma of the missing 90% of claimants. We think up to 270,000 investors have yet to claim and we plan to issue a press release highlighting this and some of the points below: Nearly 300,000 investors lost money in the Woodford Equity Income Fund (WEIF)and now have an opportunity to claim compensation, but so far ...

Press Release 122:
UK shareholders welcome and support Treasury Report on Secondary Market Placings

  ShareSoc and the UK Shareholders’ Association, who represent individual investors in the UK, welcome the Treasury Report on Secondary Market Placings. The recommendations, when implemented, will help to create a more level playing field for individual investors. The report also highlights the problems of disenfranchisement faced by retail shareholders in nominee accounts and proposes new systems which will allow retail investors to participate on fair terms in placings and fund raisings. The UK Shareholders' Association said: “The UK Shareholders' Association fully supports ...

Baroness Altmann Announced as Keynote Speaker for ShareSoc Woodford Webinar – 19th July

Baroness Altmann, Consumer Finance champion, Member of the House of Lords and ex-Pensions Minister to speak at ShareSoc Woodford Webinar “The Cavalry is Coming” on 19 July at 4.30pm. Law firms Leigh Day and Harcus Parker joined forces and merged their claims via a Group Litigation Order (GLO*), announced on 15 June 2022. ShareSoc’s webinar on 19 July 2022 provides updates on progress, why the GLO is a big step forward and the impending deadline for joining a legal claim.  ...

Representing Individual Investors: proposed sustainability standards webinar on Thursday 30 June, 12:30 – 14:00

One of ShareSoc's primary functions is to represent individual investors. we do this by lobbying Government and Regulators about individual investor needs, and by campaigning for change from government, regulators, financial service providers. Alongside this we network, inform and educate investors though events, company presentations, SIGnet groups, educational content, newsletter, blogs, tweets and emails. These elements combine to make the investing experience better for our members. ShareSoc has been working hard for many years to improve its relationships, networking and influence with ...

Allenby Capital reports AIM Activity through end April 2022 – Markets quiet but not shut

After AIM’s biggest year for fundraises since 2007, 2021 was always going to be a hard act to follow. 2022 has so far been quiet but the market isn’t shut with funds still being raised for attractive opportunities. £99.7m of new money was raised on AIM through to the end of April 2022 across 11 new joiners to the market, this compares to the £598m raised during the comparable period in 2021 from 21 new joiners. The secondary fundraise market has ...

Press Release 121:
Woodford compensation a step closer as legal claims merge

Applying for a Group Litigation Order (GLO) is a major step forward in seeking compensation for those who lost money investing in Woodford Equity Income Fund Up to £1billion was lost by individual investors Deadline for investors in WEIF to join a legal claim is getting closer Law firms Leigh Day and Harcus Parker have announced that they will merge their legal actions, both of which target Link Fund Solutions as Authorised Corporate Director in the failed Woodford Equity Income Fund. ...

Blancco Update and Campaign Closure

BLANCCO (BLTG) We have closed this campaign as at 12 May 2022. The campaign achieved one objective of a fine of the auditors KPMG. However, the derisory amount (£3,500 plus costs of £2,743) questions whether the scale of the offence was fully recognised/punished by the regulator, the ICAEW. At the December 2020 Blancco AGM, the Chairman, Rob Woodward said that: * The FCA had posed a number of questions to the Company * The Company had answered those questions * The Company was never advised that ...

Payments for Order Flow – plans for a ban in the EU

ShareSoc supports Better Finance’s proposals for the EU, which would bring the EU  into line with UK practice. On 30 May 2022 Better Finance (who represent individual investors across Europe) issued a Press Release: Last chance for Member States to support EU citizens as investors and finally ban Payment for Order Flow (PFOF) PFOF is already banned by the FCA in the UK. See https://www.fca.org.uk/publication/finalised-guidance/fg12-13.pdf There is a useful and authoritative paper on PFOF in the UK here: https://www.cfainstitute.org/en/advocacy/policy-positions/payment-for-order-flow-in-the-united-kingdom It demonstrates that retail execution ...