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Policy work

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, John Hunter, Sue Milton, Peter Parry, Martin White.

Please contact Dean Buckner, the Policy Director, at if you would like to join the team. 

Current and recent activity


We continue to campaign where we believe ignorance and misunderstanding have led to poor and incorrect decisions affecting both UKSA members and wider society.  The campaigns complement Savers Take Control.

Current and recent campaigns:


  • Northern Rock: we have sufficient volunteers to create a new committee.  Next steps are to obtain endorsement from the NRSAG members for the new committee and chairman, and agree the oversight role UKSA will have with the new committee.
  • Amigo: the lender is exploring ways to recover.  The new shareholder group, Reward Rate Shareholders’ Group (RRSG), is liaising with the Amigo Board to ensure viability but the economic landscape has changed since the 2nd Scheme of Arrangement was confirmed. The previous Amigo Shareholders’ Action Group (ASAG) identified the difficulties that could arise from the original and modified schemes.  Information on that work can be found here.

Working with 3rd parties

The Audencia Business School, Nantes, France, re shareholder democracy: we have been invited to share views with the current practices, how practice should or will evolve and what the opportunities are likely to be. 

The Corporate Reporting User Forum (CRUF): we contributed to a survey that has identified a gap in the effectiveness of sustainability reporting.  The results highlight the challenge investors face in assessing how well businesses are delivering on sustainability reporting.

The Department for Business and Trade (DBT, formally BEIS), re Audit and Corporate Governance Reform: we have been asked our opinion on the proposed definition of a PIE (Public Interest Entity), on four proposed changes to the Companies Act covering resilience, audit and assurance policies, fraud detection, and profit distribution.  See what UKSA and ShareSoc did in 2020.

The Department of Business and Trade (DBT), re UK Secondary Capital Raising Review: we have been asked to comment on this review, written by Mark Austin.

What is attracting the Policy Team’s interest?

ChatGPT: we are beginning to look at Artificial Intelligence (AI) and Machine Learning (ML), to see how it impacts investing.  ChatGPT is grabbing the headlines but is an imperfect science, at least for now.  Our newsletter, no. 15, revealed some oddities.  To quote The ICAEW on its ChatGPT review, “When it’s not sure, it has a tendency to make things up.”  There are many AI programmes available and provide benefits in daily life.  Many of us live alongside Siri and Alexa, both AI/ML tools.

Pension accounting rules: UK equity fund managers want an overhaul of pension accounting rules to revive investor interest in London-listed shares.  But on what basis should there be change?  There are two key issues: 1) is promising to pay the pension on a best efforts basis that can be ignored if the company is in difficulty? 2) allowing that the promise is contractual, it is OK not to report any deficit?

What next for  Sustainability Disclosure Requirements (SDR) and investment labels?  We responded to the FCA’s original consultation.The FCA are reviewing all the feedback to ensure that “first and foremost the regime protects consumers but also recognises and takes account of any practical challenges that firms may have”.  We await the publication of the FCA’s Policy Statement due in Q3 this year.

In the media

The BBC interviewedDean Buckner, on Shell’s CEO pay increase by 53%.  Our opinion: that Mr van Beurden's pay package looked "indefensible".  And that such pay settlements risk bringing "the corporate world into disrepute"”

The FT spoke to Malcolm Hurlston, on issues surrounding stamp duty:  “Stamp duty is probably one of the biggest competitive obstacles to investment in UK stock market shares. If it were removed, it would increase the UK stock market’s international competitiveness, especially with the US”.


Below is the latest list of the Policy Team’s consultation activity since last month’s update.  If you are interested in getting involved in open items, please contact David Riches at




Submission deadline

Response status

Information available 

Response available


DP 23/23 Updating and improving the UK regime for asset management








DP 22/6 Future Disclosure Framework.


Agreed not to respond.





PRIIPs and UK Retail Disclosure


A personal response from Martin White.











2023 completed consultations 



CP22/24 Broadening access to financial advice for mainstream investments.



Joint with ShareSoc.




Consultation on audit committees standard.




And also lead for the CRUF response.




And the CRUF response



CP 22/27 Introducing a gateway for firms who approve

financial promotions.






Sustainability Disclosure Requirements (SDR) and investment labels.



Joint with ShareSoc.





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


BEIS Department for Business, Energy & Industrial Strategy - GOV.UK ( the UK Government’s Department for Business, Energy and Industrial Strategy, currently with the tag line ”Building a stronger, greener future by fighting coronavirus, tackling climate change, unleashing innovation and making the UK a great place to work and do business.”. Now replaced by the DBT.

CRUF Welcome to CRUF | The Corporate Reporting Users' Forum: The Corporate Reporting Users’ Forum, allows its global membership to learn about and respond to the many accounting and regulatory changes affecting corporate reporting.

CRUF ESG: the Corporate Reporting Users’ Forum’s sub group that focuses on environmental, social and governance issues. 

DBTDepartment for Business and Trade - GOV.UK ( department for economic growth, supporting businesses to invest, grow and export, and creating jobs and opportunities across the country. Supersedes BEIS.

ESG: environmental, social and governance is a generic term used in capital markets. used by investors to evaluate corporate behaviour  to determine the future financial performance of companies.”

EFRAG Home - EFRAG: the European Financial Reporting Advisory Group is a private association serving the European public interest in both financial reporting and sustainability reporting by developing and promoting European views in the field of corporate reporting and by developing draft European Union Sustainability Reporting Standards. 

FCA Financial Conduct Authority | FCA: the Financial Conduct Authority is the conduct regulator for 51,000 financial services firms and financial markets in the UK.

FRC Home | Financial Reporting Council ( the Financial Reporting Council an independent regulator in the UK and Ireland, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes.

FRC Lab Financial Reporting Lab | Financial Reporting Council ( the Financial Reporting Council’s lab provides an environment where investors and companies can come together to develop pragmatic solutions to today’s reporting needs.

IAASB IAASB | IFAC: International Auditing and Assurance Standards Board, an independent standard-setting body that sets international standards for auditing, quality control, review, other assurance, and related services.

IAS International Accounting Standards ( International Accounting Standards are a set of rules for financial statements established by the IASB.

IASB About the IASB ( the International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs). The IASB operates under the oversight of the IFRS Foundation.

ICAEW Welcome to | ICAEW: Institute of Accountants England and Wales promotes inclusivity, diversity and fairness in accountancy, and supervises over 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.

IFRS IFRS - Home: International Financial Reporting Standards (IFRS) set common rules to make financial statements consistent, transparent, and comparable around the world.  IFRS are issued by the IASB.

IFRS Foundation IFRS - International Accounting Standards Board: The IFRS Foundation is a not-for-profit international organisation responsible for developing the standards referred to as IFRS.

ISSB IFRS - International Sustainability Standards Board: the International Sustainability Standards Board was established by the IFRS Foundation in November 2021 to provide ESG-related standards that are consistent, transparent, and comparable around the world. 

HMT About us - HM Treasury - GOV.UK ( Her Majesty’s Treasury is the government’s economic and finance ministry controlling public spending and setting the direction of the UK’s economic policy.

PEG Pre-Emption Group | Financial Reporting Council ( Pre-emption Group helps companies understand investor expectations regarding pre-emption activities and provides guidance on the factors to be taken into account by companies and investors when considering the case for disapplying pre-emption rights.

SEC Securities and Exchange Commission | USAGov: the Securities and Exchange Commission is a US regulator set up to protect investors, maintain fair, orderly, and efficient markets, and facilitates capital formation.

SIG (Stakeholder Insight Group) Stakeholder Insight Group | Financial Reporting Council ( a new cross-stakeholder panel, hosted by the FRC, that  represents preparers, investors, audit committee chairs and other key parts of our stakeholder universe including reporting framework owners and civil society groups.

TPR Workplace pensions law - auto enrolment | The Pensions Regulator: The Pension Regulator protects the UK’s workplace pensions by ensuring employers, trustees, pension specialists and business advisers can fulfil their duties to scheme members.

TTF Transparency Task Force – Driving up levels of transparency in Financial Services, right around the world.: Transparency Task Force, a not-for profit company with the sole purpose of driving positive, progressive and purposeful reform of the financial sector so that it serves society better.

UKEB Welcome to the UK Endorsement homepage | UK Endorsement Board ( UK Endorsement Board influences, endorses and adopts new or amended international accounting standards issued by the IASB for use by UK companies.

WPC Work and Pensions Committee - Summary - Committees - UK Parliament: the Work and Pensions Committee scrutinises the work of the Department of Work and Pensions, covering products,  services and departmental spending.

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