Harcus Parker

Will The FCA Help or Harm Home REIT Shareholders?

The FCA has finally stepped in, but will this help shareholders or just devalue their investment further? The destruction of shareholder value at Home REIT has been horrendous. Over £853m was raised from shareholders. The latest published valuation of the REIT’s property portfolio is only £413m (as at August 2023) and the trust has net debt of around £144m (as at February 2024), so NAV is now less than £369m. The background to this sorry saga is contained in this article by ShareSoc ...

Woodford Campaign Update 16, 15 February 2024

WOODFORD: LINK JUDGMENT AND NEXT STEPS Mr Justice Richards approved the Link Scheme of Arrangement (subject to appeal) without any conditions. This was expected, given the 93% vote in favour by Scheme Creditors, but it doesn't close the door on the Woodford scandal. In a tight and carefully worded legal judgment, the Judge explained that the “FCA Total Amount” of harm identified (£298 million) relates only to the relative loss of value incurred by those who held the fund at suspension date relative ...

Letter to the Treasury Committee re FCA’s Woodford Enquiry

The Financial Conduct Authority gave scant detail on progress regarding Woodford, in a letter to the Treasury Committee dated 14th December 2022 (published 11th January 2023), responding to questions posed during the hearing and updates to the Committee on progress in certain areas.    ShareSoc considers the FCA letter to be insufficient. We have written to the Committee saying “we respectfully request that the Committee consider asking members of the FCA to appear before the Committee in person so that the progress of ...

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 ...

Halifax UK Growth Fund – Note for ShareSoc Members – Appeal for Help

Harcus Parker (HP) has been investigating claims against fund managers and others for closet tracking: the practice of describing a fund as actively managed and charging for that service but in fact merely tracking an index or constraining performance. HP are currently focussing investigations on two subsidiaries of Lloyds Banking Group, Scottish Widows and the Halifax. HP have now identified that the Halifax UK Growth Fund appears to be managed in exactly the same manner as the Scottish Widows UK Growth Fund, ...

Closet Indexing – Update

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 https://www.sharesoc.org/blog/general-news/closet-index-trackers-are-you-paying-over-the-odds/ https://www.sharesoc.org/blog/general-news/closet-index-trackers-investigations-in-progress/ https://www.sharesoc.org/blog/collective-investments/closet-indexing/ 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 ...