Have ACCA members taken a good look at the ACCA investment policy over the last few years? Well, it is difficult because the leadership answers no questions at the AGM. It does not allow any critical comment through the magazine or even given civilized answers to the letters.

The information given to AABA shows that the ACCA has lost over a million pounds of the value of its portfolio by needlessly selling Glaxo shares. The original holding had increased significantly in value but the so-called experts thought that it would be a good idea to rebalance the portfolio. They might have sold the Glaxo shares (a blue-chip investment) when  the share price was at its peak. But no, they sold when the Glaxo price was low. The experts decided to risk member's funds by selling a good value stock and putting the money into less secure shares.

The money for the misguided TV venture which lost 250,000 pounds came from this source. Privately some of these so-called experts  were embarrassed to be asking members to vote for increases in subscriptions when the value of the portfolio was so large and going up each year. It seems it's better to lose money and asking the members to stump up. An 'insider' told AABA that Ray Gardiner tried to intervene  to stop the madness and this made him enemies who waited for their opportunity to make him regret his interference.

So who received the commission from churning the ACCA share portfolio? How much did they receive? Who advised the Council? Who did the background research? Why have the members been kept in the dark? Naturally, the ACCA leadership will retain its undignified silence.