FCA Sector Views- ShareSoc+UKSA response

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 the industry (unsuitable products and services, high charges, and low quality products and services. ) previously made , not least in the 2016 FCA Asset Management Market Study Interim Report MS15/2.2.
  • The ability of beneficial shareholders who hold their shares in nominee accounts being able to vote their shares easily and at no additional cost is a critical aspect of shareholder rights and shareholder democracy. It is surprising that this issue did not feature in the FCA consultation on market platforms nor in your Sector Views.
  • The Law Commission review of Intermediated Securities must be given a much higher priority. FCA support with this issue would be most welcome.

We have limited our comments to the Retail Investments Sector View (Chapter 6). Click here to read our full response UKSA-ShareSoc response to FCA Sector Views 180207_Final

Cliff Weight, Director, ShareSoc

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