TERMS OF REFERENCE

PURPOSE

SOCIF works with consumer representatives, industry participants, and Wiltshire Trading Standards, to provide regulatory guidance in the form of 'Best Practice Recommendations':-

1. helping consumers when considering making a purchase
2. helping entities when setting-up or running a racehorse syndicate, partnership or racing club
3. helping government departments oversee regulatory competence
4. helping the British Horseracing Authority (BHA) recognise consumer and industry expectations
5. helping protect the integrity of British horseracing

SOCIF is not a decision-making body and does not set governing body strategy. The Forum can, however, contribute to governing bodies understanding of the industry and the impact of the BHA's strategy on operators and the operating environment.

SOCIF deals with industry matters and does not substitute for individual operator relationships and dialogue with government departments, or the BHA, neither does it seek to substitute for the work of industry trade bodies.

SOCIF aims to -

• provide industry feedback on proposed policy changes, particularly identifying unintended consequences or inconsistencies
• identify and accelerate progress on mutual challenges to raise standards, and to share good practice
• give feedback to the BHA about its own performance as a regulator
• share insight about the industry perspective and the impact of wider changes in the operating environment, and make suggestions for any areas for required policy change in light of changing environments
• build relationships to improve the effectiveness of regulation.

SOCIF Chair

The current Chair is Jeremy Blackburn, former proprietor of a racing club business.

The role of Chair is appointed by, and receives expenses from, the sponsor body.

Consumer representatives

The role is to help ensure the industry's Service Provider regulations meet expected standards. Without consumers, there is no industry.

There are currently five consumer representatives, all of whom have no commercial interest in businesses engaged in the sale of shared racehorse ownership or racing club memberships.

The qualifying requirement is at least one year's (consumer) participation in a syndicate, partnership or racing club.

The role is unpaid but travel expenses to meetings may on occasions, be paid.

Applications to be added to the roster can be made by email; secretary@socif.co.uk

Industry representatives

SOCIF invites industry bodies and anyone involved in the sale of shares in racehorses or memberships in racing clubs to apply to participate. Contact; secretary@socif.co.uk

Unavoidable conflicts of interest

Given that this industry is niche, and the bulk of expertise is gleaned from experienced commercial participants, SOCIF manages influence of conflicts by submitting its 'Best Practice Recommendations' to Trading Standards and undertakes to be guided by their advice.

SOCIF's sponsor and proprietary body is currently Wentrow Media Limited, a company selling racehorse ownership shares and racing club memberships. The company provides secretarial support to the Forum.

The intention is for the proprietorship to be acquired by a government sponsored body.

Meetings

The Forum meets approximately once every four months in person at EquiPrep Limited, Devizes, Wiltshire. Additional meetings may be held online, as required.

Restrictions

The Shared Ownership and Clubs Industry Forum name or logo cannot be used in any commercial (or non-commercial) promotional activity.

Participation in the Forum does not constitute any form of accreditation.