ShareSoc News

Stock Market Investment Needs More TV Promotion

ShareSoc Patron Lord Lee is continuing his high profile campaign to get more mainstream coverage of investments and better financial education. The FT has a large article about these issues written by John Lee himself, see https://www.ft.com/content/2445a940-da11-4d08-8e4c-e5ad70d6b583 headed- Stock market investment needs more television promotion - Onerous rules limit broadcasters and hamper financial education John writes: There is widespread agreement that financial education in this country is lamentable. This manifests itself in so many ways, from the fact that many people just leave significant cash deposits ...

Press Release 120:
ShareSoc calls for better Financial Education re investing in shares

ShareSoc calls for improved Financial Education: ShareSoc Patron Lord Lee has asked a Parliamentary Question about the obstacles that prevent the creation and broadcasting of more educational TV programmes on the subject of investing. Investing requires a base level of financial knowledge, but the subject is not covered by the school curriculum and is not easily learnt subsequently. Most of the available educational information about investing is produced by parties that are not independent. Too many websites ...

ShareSoc Upgrades Website Navigation Menus

We have now introduced improved navigation menus on the ShareSoc website. These make it much easier to find your way around, and you can reach the information you need with fewer clicks. We hope you will give it a try and discover more of the valuable resources available to members. Let us know what you think by using the Feedback tab at the bottom of the screen or by contacting us. Happy surfing! Mark Bentley, Director, ShareSoc

The FCA’s proposed Consumer Duty is welcomed by ShareSoc – Radical change is needed

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 ...

Takeover Guidance

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 ...

Woodford Campaign Update 6
10 July 2021

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 ...

ShareSoc and UKSA response to FCA Discussion Paper DP21/1 – Strengthening our financial promotion rules

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 ...

Audit Reform; ShareSoc & UKSA joint response to BEIS Consultation

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 & UKSA response to FCA Consultation CP21/12 = Proposals should be scrapped!

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 ...

Policy and Campaigns – Progress Update 14 June 2021

ShareSoc News Item by Director Cliff Weight In May and early June, we worked on: Woodford Campaign: Leigh Day received their response from Clifford Chance to their LBA (Letter Before Action). It looks like the case will go to court but it could take 3 more years. Leigh Day remain the only claim with insurance and funding in place. Harcus Parker have funding but do not have ATE insurance. RGL have neither insurance nor funding (other than funding for an initial ...