This is a personal blog by ShareSoc Director Cliff Weight and does not necessarily represent the views of ShareSoc.
I have been concerned about Closet Indexing for some time. As have many others, eg
I met with executives from the FCA on 26 July to discuss our concerns. I have also had several conversations with David Rankin from Punter Southall. The latest news is that Harcus Parker have now starting gathering claimants for a class action against Scottish Widows. They have said-
Harcus Parker ...
This article represents the views of its author, not necessarily those of ShareSoc.
Four years after defects in the published accounts of Redcentric plc (RCN) came to light, a trial of those accused of false accounting and other offences is finally to take place. Law360 reports:
...Fraser Fisher, former chief executive of Redcentric PLC, and the company's ex-chief financial officer, Timothy Coleman, denied charges that they had falsified financial documents and lied to an auditor between 2015 and 2016 when they appeared at ...
Former ShareSoc Chair Roger Lawson attended the Woodford Webinar and gives his view below.
I watched the ShareSoc webinar last night covering the legal claims over the collapse of the Woodford Equity Income Fund (WEIF). I never personally held any of the Woodford funds but from past experience of other similar big legal claims it was of some interest. With as many as 270,000 investors in WEIF affected it must be one of the most discreditable events in the financial world in ...
ShareSoc's Cliff Weight says that it's 'disgraceful' that investors are being shut out of successful IPO's.
Click here to read the article.
Leigh Day issued court proceedings against Link on Monday 27 September 2021.
This is a huge step forward in getting compensation for the many thousands of unfortunates who lost money in Woodford’s WEIF funds. Leigh Day’s issuing of proceedings is a big milestone.
We are concerned, however, that roughly only 5-10% of the 270,000 or so investors seem to have joined any claim so far. We urge all WEIF investors to join a claim. We believe that Leigh Day are streets ahead of ...
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
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 ...
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 Blog by Cliff Weight, Director (Pronouns: He/his/his). Please note these are my personal views and not necessarily those of ShareSoc.
I have received the request below about a subject dear to my heart and hopefully of other members. If you are willing and wanting to contribute please contact us with your name and contact details and I will organise a meeting with the FCA about this.
It is good news that the FCA is reaching out in this way to seek ...
By Cliff Weight, Director, ShareSoc. These are my personal views and do not necessarily reflect the views of ShareSoc.
The FCA has published two reports in a week that highlight the historic failings of the fund management industry and are hugely critical.
According to Wealth Manager "In a damning report, the watchdog said fund houses have failed to properly assess the value of their funds." see https://citywire.co.uk/wealth-manager/news/asset-managers-can-t-explain-why-funds-offer-value-fca-says/a1527497
It is a good report with many sensible suggestions. It should have been done 5 years ago immediately ...