Following an industry-wide consultation, the authority examined the risks of shared ownership and how it can enhance regulation and improve administration. The BHA aims to introduce 10 new measures to improve the Syndicate Code of Conduct introduced in 2017.
The authority will implement these in a phased approach throughout 2021 and early 2022. It highlights three phases, the first of which will be implemented in May 2021.
The first phase will focus on altering the Syndicate Code of Conduct to cover new terms that include the acquisition cost of horses, confirming how and when prize money received shall be paid to members, and facilitating the addition of syndicate members who suffer debt.
Phase 2 focuses on introducing additional questions to the Syndicate registration form and launching a sustained campaign to publicise the codes of conduct.
Finally, the BHA wants all Syndicate members to disclose percentage shares and allow members who own less than 2% to view their ownership online. It will also begin auditing contracts and improving the administration system. These measures have been designed to support public confidence in Syndicates and Racing Clubs and help grow shared ownership.
Richard Wayman, BHA COO, said: “It is vital for the future of our sport that we are able to attract and retain racehorse owners. Syndicates and Racing Clubs clearly have a pivotal role to play in those efforts.
“The consultation responses confirmed that the sport has many extremely well-run Syndicates and Racing Clubs who give their members exemplary levels of service. It is crucial that the public can continue to have confidence in Syndicates and Racing Clubs, which these measures have been designed to support.”
