2020

Shenanigans in Siberia: the Petropavlovsk Saga and Why Retail Investors Matter

One of UKSA’s key beliefs, as well as ShareSoc’s, is that private investors are important and their voice needs to be heard. The current, for want of a better word, shenanigans, at Petropavlovsk (POG) gives private investors a key role in determining the future of a company. Peter Parry from UKSA and Paul de Gruchy from ShareSoc take up the story. Paul is a shareholder in Petropavslovsk and notes that it is one of his favourite shares for trading.

Response to FRC discussion on using technology to enhance audit quality

Back in March 2020, in the context of various audit reform reviews and to help with their audit policy, the FRC felt the need to open up the discussion on the use of technology in audits to a wider range of stakeholders than regulators, standard setters and audit practitioners. UKSA and ShareSoc thought it was important to respond to this consultation from the point of view of a main consumer of statutory audits, private investors in shares in companies. UKSA’s and ShareSoc’s response, which was submitted to the FRC on 17th July 2020, can be found here.

Big Four must plan for audit split by October

The Financial Reporting Council (FRC) has just published a business case paper to separate the audit practices of the big four firms (PwC, Deloitte, KPMG and EY). Firms should provide a transition timetable to ensure that the principles of the paper are implemented “as soon as practicable” and that they are implemented in full by 30 June 2024 at the latest.

Collapse of Wirecard

Better Finance, the European Investors' Federation, characterised the Wirecard collapse on Wednesday as 'an outrageous case of corporate governance, external auditing and regulatory failures', putting forward several policy recommendations for EU authorities.

UKSA AGM 2020

UKSA's Annual General Meeting will be held online on Sunday 14 June 2020 at 2.30pm. If you are a member but have not yet received an invitation, please contact the office via email - officeatuksa@gmail.com.

It is planned to hold a social gathering for members later in the year.

UKSA introduces Associate Membership

UKSA is introducing a new category of membership. Associate Membership is free. It’s a great way to get to know UKSA without having to make any financial commitment.

Applying for Associate Membership is easy. All you need to do is enter your name and e-mail address on the joining page here. Pass on the news to your friends and colleagues.

To join, click here.

A comparison table of benefits is shown below.

UKSA Response to Consultation on Capital Requirements and Macroprudential Buffers

UKSA has submitted a response to the Prudential Regulation Authority's Consultation Paper CP2/20 on Capital Requirements and Macroprudential Buffers

Notice of AGM postponement

Members will understand that our AGM planned for May 11 must be postponed.

it will be re-arranged once the Covid-19 situation clarifies. Meanwhile the board approved the 2019 accounts yesterday and these will be made available as soon as possible.

The UKSA Board is wishing to continue ‘business as usual’ as much as practical, to remain a conduit for member discussion and to wish all a safe and healthy journey through this difficult period.

Colin Colvin

Chairman

UPDATE for shareholders from Dennis Grainger on the Northern Rock Small Shareholder Compensation Fight

Hello all.

Following the very disappointing rejection of our claim by PM Mrs May and the Treasury over a year ago we have had a busy time watching events and extending our research, culminating in our letter to the Prime Minister and copied to the Chancellor on 28th February 2020.

A copy of this letter can be found here.

We are quite hopeful that this approach will convince the new administration under Boris to assist our fight for fairness.

UKSA first to support FT campaign on transparency of pension charges

Holly Mackay, owner and inspiration of the advice website Boring Money, has taken the trouble to research the charges of 10 platforms and wealth managers on a notional investment of £1 million over 25 years. The shocking results have been taken up by FT Money to support a campaign for greater transparency of fees and charges.