The views expressed in this article are those of its author and not necessarily those of ShareSoc.
Another fudge. No-one is going to jail for this disaster. Examples need to be set to deter, to stop this happening again.
I am appalled at the lack of transparency on the size of the settlement. The article mentions the contingent liabilities already disclosed in the KPMG accounts. We will eventually find out the size of the settlement when KPMG publishes its accounts for 2023, but ...
This meeting is open to all. You can register here:
You can also submit questions if you wish.
I have submitted a question on behalf of ShareSoc:
ShareSoc, a not for profit independent organisation, dedicated to supporting individual investors, has made a considerable investment in producing an attractive video series, designed to help new investors. Will the FCA help to promote this series, to ensure that the general public is well informed about the basic principles of sound investment practice?
Will you meet with ShareSoc ...
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 ...
Policy and Campaigns – Progress Update 4 April 2022
Since our last update in November 2021 (see page 16 here), we have worked on:
1. Consultation responses and government lobbying
2. Woodford Campaign
3. Voting Guidance and Shareholder Engagement
4. Shareholder Rights/Nominees
6. FCA liaison
7. FRC, BEIS, etc liaison
9. AIM regulation
1. Consultation responses and government lobbying. This continues to be a major area of work, where ShareSoc represents the interests of individual investors. We have submitted responses to:
• FRC Endorsement Board – Draft Endorsement Criteria ...
Since Oct 12 (see previous update here), we have worked on:
Audit and Governance reform: many members have told us of their concerns about the disasters at Carillion and many others. We view the audit and governance reforms as crucial and have pressed for these to be moved forward as quickly as possible. We are concerned about lobbying to slow down this progress and co-signed a letter to the FT which was published on 12 Nov. 21.
Woodford Campaign: ...
UKSA’s policy team are drafting a reply, jointly with ShareSoc, to the FRC’s consultation on proposed revisions to the Audit Firm Governance Code see https://www.frc.org.uk/getattachment/1a453bac-671f-4375-a738-9d6fc7f73262/Consultation-Proposed-Revisions-to-the-Audit-Firm-Governance-Code-(August-2021).pdf. We believe audits are important to shareholders as they underpin their confidence and trust in their companies, management and the numbers they report. In relation to audits it therefore follows that the audit regulator’s requirements for audit firms’ governance is also important and we would like to provide our thoughts to the FRC on this. We ...
Since June 14 (see https://www.sharesoc.org/sharesoc-news/policy-and-campaigns-progress-update-14-june-2021/ for previous update), ShareSoc's Policy and Campaigns' team have worked on:
Woodford Campaign: Leigh Day have submitted their claim. They now have 11,000 claimants and another 3,000 registered, but yet to sign their Leigh Day agreement. We held a very successful webinar on 30 Sept with 942 registrants.
ShareSoc’s Woodford Campaign now has over 1,500 members, which enables us to lobby strongly for regulatory change and to hold to account those who have done wrong.
The views expressed are those of the author and not necessarily those of ShareSoc.
The interesting news today, at least for a former shareholder in Patisserie Holdings (CAKE) as I am, was the announcement by the Financial Reporting Council (FRC) of fines on Grant Thornton and their Audit Partner over the defective audits of the company in financial years 2015, 2016 and 2017. The company subsequently collapsed in 2018 when it became apparent that the accounts were a work of fiction.
This is ...
This is a personal blog by Cliff Weight, ShareSoc Director and does not necessarily reflect the views of ShareSoc.
This is so shocking that I am simply blogging the FRC announcement.
My only comment is to highlight the glacial speed of such investigations. It has taken 10 years to get this far. The deterrent value of the £13 million fine would have had far more impact if the case had been concluded in two years!
ShareSoc continues to lobby the FRC, FCA, ...
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
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 ...