Consultations

This page contains all current and past public consultations to which ShareSoc has responded. The latest ones are at the top of the list. One of the main activities of ShareSoc is to make sure that the views of private shareholders are communicated, and your interests represented, and one way we do that is by responding to all relevant public consultations. Many of ShareSoc’s adopted policies on specific issues are documented in these consultation responses.

Feedback on the FRC’s Draft Plan and Strategy and Budget 2021/ 2022.

Official News Item by Cliff Weight, Director  ShareSoc and the UK Shareholders Association made a joint response to the FRC on the FRC’s Draft Plan and Strategy and Budget 2021/ 2022. Our key points were: We believe that this sets out sufficiently clearly the FRC’s plans and strategy for the coming year. We are not able to comment in any detail on the proposed budget but we believe that, with minor exceptions, it provides as much information as most stakeholders are likely to require. We ...

House of Commons Treasury Committee
Future of Financial Services Enquiry
Consultation Response

A ShareSoc news item by ShareSoc Director Cliff Weight ShareSoc and UKSA submitted a joint response on 19th February 2021. In summary we said: A long history of regulatory failures demonstrates serious deficiencies in the way financial services are currently regulated. The UK’s departure from the EU means that the UK can now set its own financial services rules, untrammelled by the views of 27 other countries. We believe that major changes are required, particularly in the following areas: Making the best ...

HM Treasury Financial Services
Future Regulatory Framework Review
Phase II Consultation Response

A ShareSoc news item by ShareSoc Director Cliff Weight The fundamentals of financial regulation are under question Recent regulatory failures (for example Woodford, the mis-selling of mini-bonds peddled by London & Capital Finance, Wellesley, and the failure to protect pensioners being pressured by advice on pension transfers from commissioned agents) have forced a welcome review of current practice. ShareSoc and UKSA are responding to make sure the interests of ordinary savers and investors are properly safeguarded. Two separate consultations are in progress, for HM ...

ShareSoc and UKSA Response to FCA Consultation on Guidance for Insolvency Practitioners

On 7th December 2020 the FCA published draft guidance for Insolvency Practitioners (IPs) on how to approach regulated firms and launched a consultation on that proposed guidance. This is of particular interest to individual investors because it guides the actions of IPs involved in Special Administrations, which occur when a broker fails. ShareSoc has been concerned about the Special Administration Regime (SAR) since we got involved with the Beaufort case. Clients with substantial portfolios were threatened with significant "haircuts" to their holdings, to ...

Press Release 114 : HM Treasury’s Call for Evidence re Review of UK Listing Rules

Press release 114 - Joint Press Release from ShareSoc & UKSA on behalf of individual investors: HM Treasury’s Callfor Evidence re Review of UK Listing Rules ShareSoc and UKSA recommend: AIM should be regulated by the FCA, not the LSE. Do not relax standards in the UK. We need to stop even more frauds, scams and scandals. Remove €8m limit in placings; and open up placings to all. The LSE has a poor track record on enforcement and is ...

UKSA and ShareSoc response to the IASB’s consultation on Business Combinations

On 31 Dec 2020 the UK Shareholders Association and ShareSoc submitted a joint response to The IASB’s Discussion Paper on Business Combinations – Disclosures, Goodwill and Impairment (DP/2020/1) Our key messages are: We support the Board’s overall objective of enhancing disclosure on acquisitions and their subsequent performance. Current disclosure is extremely unsatisfactory. As a result we agree with the Board’s preliminary views set out in paragraph IN9 with the modifications and qualifications set out in this letter. We would also argue that ...

FCA Consultation
Consumer Investments Market Call for Input
ShareSoc’s response

A ShareSoc News item by ShareSoc Director Cliff Weight In our response we highlighted: The need for the system as a whole, including regulation, to work better for consumers We welcome the clear recognition in the CFI’s Foreword that there is indeed a problem - that there are suitable and inexpensive products, but people do not use them enough. In addition, that firms are not generally keen to promote them and that progress is slower than the FCA would like. The market ...

ShareSoc+UKSA make joint response to HM Treasury consultation ‘Regulatory Framework for Approval of Financial Promotions’

Peter Parry, ShareSoc member and former Policy Director at the UK Shareholders Association writes about the joint submission by the UK Shareholders Association and ShareSoc to the HM Treasury consultation ‘Regulatory Framework for Approval of Financial Promotions' Financial promotions – a case study in how not to delegate. The Consultation Another day and another consultation lands in the inbox. This one’s from HM Treasury - titled ‘Regulatory Framework for Approval of Financial Promotions’. Sounds boring? Maybe, but the issue under review is actually a ...

Stamp Duty review: ShareSoc-UKSA submit joint response to HMRC

A ShareSoc News Item written by Cliff Weight, ShareSoc Policy Director. We have today, 13 Oct 2020, submitted this response to HMRC. Our response is limited to Stamp Duty on shares and OEICS (unit trusts). Our analysis is that: The original rationale for stamp duty (cost of wax seal etc) is not just of historical interest. In this age of electronic transactions, these costs are no longer incurred and there is therefore the original justification for the charge is no longer valid. Stamp Duty ...

Capital Gains Tax review: ShareSoc-UKSA submit joint response to Office of Tax Simplification

A ShareSoc News Item written by Cliff Weight, ShareSoc Policy Director. We have today, 12 Oct 2020, submitted this response to the OTS, CGT-call for Evidence.  Our response is limited to CGT on shares and OEICS (unit trusts). Our analysis is that: CGT is complex. CGT needs to be simplified. CGT is unfair to individual investors in shares versus collectives. CGT inhibits effective risk management. We want to make CGT: Fairer Easier to work out Easier to administer Easier to collect. In detail, we have 3 ...

Capital Gains Tax review: ShareSoc-UKSA submit joint response to Office of Tax Simplification

We have today submitted this response to the OTS. ShareSoc -UKSA OTS CGT Review response on principles Review _Final We stressed the arguments for a rollover relief for individual investors and referred to the blog by Roger Lawson https://www.sharesoc.org/blog/taxation/capital-gains-tax-reform-surely-long-overdue/ and the comments by many members on that blog. Please can members comment here or add further comments to Roger's original blog. Cliff Weight, Director, ShareSoc  

FRC Consultation on Draft Plan and Budget 2020 / 21

On 25th February 2020, in a joint ShareSoc/UKSA response we responded to the FRC request for comment as follows: Thank you for circulating the Draft Plan and Budget to us for comment. Overall, we like the document that the FRC has produced. Aspects that we particularly like include: The structure: it is logical and easy to follow The content: the issues raised are thoughtful and meaningful. It is good, for example, to see the issue of transparency mentioned specifically. It is also good ...