ShareSoc’s 8 page response to this FCA consultation, A new Consumer Duty : FCA Consultation Paper CP21/13, made the following key points:
We welcome this consultation paper CP21/13 and its proposed new Consumer Duty, which would set clearer and higher standards (para 1.11 of the consultation).
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 ...
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 ...
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 ...
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 ...
ShareSoc News item by Cliff Weight.
The FT on Friday 21 May asked for views from investors with money trapped in Neil Woodford’s former fund. It said:
Nearly two years on from the collapse of Neil Woodford’s flagship fund, more than 300,000 investors are still waiting to recoup their money — and FT Money would like to hear from readers affected by the fallout.
The FT asked specifically about these 6 questions.
As the liquidation process drags on, what impact has this had on your ...
1. Leigh Day, whose claim ShareSoc has endorsed, submitted their Letter Before Action (LBA) to Link in March and are still awaiting a response. Leigh Day are preparing assiduously for all eventualities re claim vs Link.
2. We urge everyone to tell their Friends and Family about the Campaign, Leigh Day Claim and the webinar. Around 500,000 may be eligible to claim, but so far less than 5% have done so. Please spread the word! Potentially claimants can recover up to 70% ...
ShareSoc News Item by Cliff Weight, Director
At the 9 March 2021 Woodford webinar, there were over 100 questions from the 947 people registered. Many were answered on the night. Leigh Day have now produced answers to the unanswered questions which are conveniently grouped into 7 different themes.
Mello Woodford webinar - questions and Leigh Day responses final (07-04-2021)
The Investors Chronicle have published on 30 March 2021 a useful table comparing the 4 ongoing Woodford Claims:
ShareSoc endorsed the Leigh Day Claim, in November 2020 on the basis of information available at that time. The table highlights that the Leigh Day claim and Harcus Parker claim are both against Link, both have funding and insurance, and similar numbers of claimants, but Leigh Day is only charging 30% versus 42% for Harcus Parker.
RGL is only part funded and says on its ...
The Financial Times mentioned ShareSoc's recent Woodford webinar, where a poll of more than 800 former Woodford investors found just 5 per cent were persuaded to back him by independent financial advisers. According to our poll, the majority of the participants used either investment platforms or fund supermarkets, which allow investors to select funds themselves.
Click here to read the article.
The Woodford webinar organised by ShareSoc and Mello Events was featured on Investment Week on 10/03/21
Woodford investors 'must be prepared to go all the way to trial'
The article, signed by James Baxter-Derrington, quotes ShareSoc's director Cliff Weight, who called for a "significant change in culture" in the FCA when investigating cases like Woodford.