2023

We are aware that many Northern Rock shareholders are being targeted via scams to purchase their shares. The scammers are very good at mimicking genuine companies to gain your trust. You can read more about this type of scam on the FCA website here. 

Board focus will be forced to change and, at last, boards will be unable to escape responsibility for internal control, assurance and resilience.

But surely directors should be taking responsibility for these already.  If not, why not? 

Small but significant adjustments to the UK’s Code of Corporate Governance it will mean a big win for shareholders.

UKSA has responded to the interim report of the Digitisation Taskforce. The report is a big step forward, and UKSA has replied extensively to the questions asked. But it fails to confront the systemic weaknesses that often force individual investors to abdicate their ownership responsibilities in favour of intermediaries.

Scanning for sanctions – a necessary due diligence activity?  Paul Malone says ‘yes’.   And managing the consequences can be challenging.

Paul Malone was our speaker and facilitator for our 17th August virtual meeting.  He covered the period from early 2022 when sanctions were applied to two of his share holdings, Evraz and Polymetal.  Discussion points included:

There’s a drive to make UK stock markets more attractive. Changing the listing rules will not necessarily make them so.

The Financial Conduct Authority’s Primary Markets Policy Team has issued a consultation paper, CP23-10, proposing equity listing rule reforms arising from the primary markets effectiveness review.

UKSA members get a 10% discount on tickets.  Please contact the UKSA Office, officeatuksa@gmail.com, for the discount code.

Martin White has submitted a personal response to HM Treasury’s consultation on “PRIIPS and Retail Disclosure Consultation”.

At best, the consultation is addressing the symptoms of information asymmetry on which the financial sector’s profitability relies.

At worst, it is ensuring financial services providers continue to trump the consumer.

UKSA has responded to the FCA consultation ‘Broadening access to financial advice for mainstream investments’. The consultation pays more attention to creating an additional market for the industry than it does to helping individual savers.

Question: why should unauthorised firms be allowed to promote and sell their products at all in the UK?

Answer: we don’t know.

But there are many non‑compliant promotions being approved and then communicated by unauthorised firms to retail consumers resulting in harm because of inappropriate marketing and targeting.

Currently, any authorised person can generally approve financial promotions for

Why not make this standard the minimum requirements expected of audit committees?

Why not use the standard to anticipate the wider authority ARGA will have?

The proposed standard is minimalist.  It limits focus on just some aspects – tendering, oversight of auditors and audits, and reporting. 

There are other responsibilities such as reviewing the company’s internal financial controls, and monitoring and reviewing the effectiveness of the company’s internal audit function.  These are absolute musts to ensure we can have an effective audit.