Recent news
UKSA and ShareSoc policy teams were contacted, as rated by the IASB and for providing useful feedback on accounting standards, to provide further input to their goodwill and impairment project
FRC doing their best to keep audit reform momentum going
UKSA directors Martin White and Helen Gibbons attended a conference in Slovenia organised by Better Finance – the European umbrella body for organisations representing individual investors.
UKSA’s policy team are drafting a reply jointly with ShareSoc to the Financial Reporting Council’s consultation on proposed revisions to the Audit Firm Governance Code.
HMT wants to facilitate wider participation in the ownership of public companies, and to remove the current disincentives.
Policyholders must have a well-informed voice and representation when policies are to be transferred
Policyholders risk of both being unable to understand the issues and being misrepresented.
The Financial Conduct Authority (FCA) has proposed changes to its approach on Part VII insurance business transfers. This is set out in GC 21/3. The consultation can be found here.
Arbitrary manipulation of discount rates can ‘create’ reported capital, misleading prospective investors, creditors or policyholders.
Creation comes from use of discount rates in excess of the risk-free rate.
The use of discount rates that are in excess of risk-free rates is a pervasive issue that affects all firms with medium to long term…
It is crucial that the interests and concerns of policyholders are represented to the Regulator. UKSA’s own expert has not had any useful response from the Financial Conduct Authority (FCA).
We are sending our comments to the Expert.
The FCA must address corporate culture to focus on sound consumer outcomes.
The FCA must deal with the conflict between the objectives of firms and the needs of customers.
The legal concept of ‘Duty of Care’ already exists. Why introduce an FCA construct with no widely accepted meaning?
LIAS or LIARS? Our view is that the proposals should be killed at birth.
The LTAF is designed to enable authorised funds to be set up to invest efficiently in long‑term, illiquid assets.
We believe the name ‘Long Term Asset Fund’ is an awful misnomer:
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