Arrange an enquiry into the FSA's regulation of listed preference shares and retail bonds

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Arrange an enquiry into the FSA's regulation of listed preference shares and retail bonds

Additional Information

There are over 1 million direct retail holders (many pensioners) of UK listed bonds and preference shares yet the FSA have developed few rules to regulate the behaviour of issuers towards holders. These holders are not classed as 'consumers' by the FSA and so have to rely on the FSA, in its capacity as the UKLA, developing and enforcing rules to protect them. The lack of rules to ensure fair and equitable treatment has resulted in significant problems and substantial loss for holders in cases such as the Lloyds Exchange Offer, West Bromwich PIBS and former Bristol & West PIBS. There are also no requirements for issuers to make public vital information contained in notices to holders or relating to key dividend declarations and dates.

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