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What is ‘policy work’?

UKSA will get involved in any area of activity that supports the rights and responsibilities of independent shareholders and, where appropriate, all savers under our banner of ‘Savers Take Control’ Savers Take Control | UKSA

The majority of the policy work is responses to government, regulatory and standard setters’ consultations, but a significant amount is proactive campaigning to remove inequitable treatment of individual shareholders, investors and savers, for example:

IFRS’ consultation paper on sustainability standards

HM Treasury Financial Services Future Regulatory Framework Review

Northern Rock Action Group issue progress status

 

The Policy Team members listed alphabetically

Mohammed Amin, Dean Buckner, Charles Henderson, Sue Milton, Peter Parry.

Please contact Dean Buckner, the Policy Director, at admin@uksa.org.uk if you would like to join the team. 

Current and recent activity

The big piece of work was our joint response, with ShareSoc, on BEIS’ audit and governance reform consultation.  The details are here UKSA & ShareSoc have responded jointly to the most important review of auditing and corporate governance for a generation | UKSA.  We have raised to radical ideas:

  • The first is for the financial regulator the power to appoint auditors of public companies to prevent auditors behaving as if company management were their client, when the true clients are shareholders.
  • The second is that Actuarial regulation should fall under the remit of the Prudential Regulation Authority (PRA), rather than a proposed new regulator, the Audit, Reporting and Governance Authority (ARGA).  Actuarial and mandatory audit work are very different.  The PRA has the expertise for the former.

The consultations continue.  We also work with the Corporate Users Reporting Forum (CRUF) to contribute as lead- or co-authors to many of the consultations focused on accounting standards (see Comment Letters - CRUF).

Here is the latest list of the Policy Team’s consultation activity since our mid-June update.  If you are interested in getting involved in open items, please contact David Riches at admin@uksa.org.uk.

.

Agency

Title

Submission deadline

Response status

Information available 

Response available

FCA

CP21/13: A new Consumer Duty.

31/7/21

In progress.

here

 

FCA

GC21/3: Proposed changes to guidance on the FCA’s approach to the review of Part VII insurance business transfers.

31/8/21

 

 

Not started.

here

 

FCA

CP21/17: Enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers.

10/9/21

Started.

here

 

FCA

CP21/21: Primary Markets Effectiveness Review.

14/9/21

Not started.

here

 

IASB

Third agenda consultation 2021.

27/9/21

Started.

here

 

Q2 2021 completed consultations 

 

BEIS

Restoring trust in audit and corporate governance.

8/7/21

Completed.

Joint response with ShareSoc.

And

Lead author on the CRUF response

here

here

and

here

FCA

DP21/1: Strengthening our financial promotion rules.

1/7/21

Agreed not to respond.

here

N/A

The Pension Regulator and the FCA

Pensions consumer journey: Call for Input document.

30/6/21

Agreed no to respond.

here

N/A

IASB

Regulatory Assets and Regulated Liabilities.

30/6/21

Agreed not to respond.

here

N/A

FCA

CP21/11: The stronger nudge to pensions guidance

29/6/21

Completed by John Hunter in a personal capacity.   

here

N/A

FCA

CP21/12 A new authorised fund regime for investing in long term assets.

25/6/21

Completed.

Joint response with ShareSoc.

here

here

BEIS

Consultation on BEIS mandatory climate-related disclosures requirements.

5/5/21

Completed.

 

here

here

FRC

Consultation and Impact Assessment on Proposal to Revise the UK’s Quality Management Standards.

19/3/21

Completed.

Joint response with ShareSoc.

here

here

PWC

Focus areas for investors in 2021.

N/A

Completed.

 

here

 

FRC

Revised review standard (ISRE (UK) 2410) for interim financial statements.

19/2/21

Completed.

Joint response with ShareSoc.

here

here

HMT

The Future Regulatory Framework (FRF) Review.

19/2/21

Completed.

here

here

 

UK Parliament Committees

Future of Financial Services post BREXIT transition.

19/2/21

Completed.

here

here

FRC

Proposal to revise ISA (UK) 240 (Updated January 2020) of Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.

19/2/21

 

Completed.

Joint response with ShareSoc.

A separate, joint response with CRUF.

here

here

 

and

 

here

FRC

“A Matter of Principles”, the Future of Corporate Reporting.

5/2/21

Completed.

 

here

here

BEIS

Corporate Transparency and Register Reform

3/2/21

Completed.

Response is via CRUF.

here

 

here

IASB

Fraud And Going Concern In An Audit Of Financial Statements

1/2/21

Agreed not to respond.

here

N/A

UKEB

Draft comment letter on IASB’s Disclosures, Goodwill & Impairment project.

25/1/21

 

Completed.

here

here

FCA

Guidance for insolvency practitioners on how to approach regulated firms.

18/1/21

Completed.

Joint response with ShareSoc.

here

 

here

HMT

Review of UK Listing Rules.

5/1/21

Completed.  Joint response with ShareSoc.

here

here

 

FRC

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

12/3/21

Completed

Joint with ShareSoc.

here

here

IASB

Post Implementation Review of IFRS 10, 11 and 12.

10/5/21

Agreed not to respond.

here

N/A

FCA

Consultation on SPACs

28/5/21

Agreed not to respond.

here

 

IASB

Business Combinations under

Common Control.

1/9/21

Agreed not to respond.

here

 


NB. You can see the consultation response process followed by the Policy Team here.

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