UK Chancellor’s Mansion House 2025 Speech
In her speech, the Chancellor recognised that the financial services sector remains a cornerstone of the UK economy, contributing around 10% of total economic output and supporting 1.2 million jobs across the country. In a series of major announcements, the government reaffirmed its commitment to strengthening the sector’s global competitiveness and fostering growth.
The Financial Conduct Authority’s (FCA) Prospectus Reforms
The Chancellor referred to the publication earlier in the day to the FCA’s Prospectus Reforms which will mean that companies will not be required to publish a prospectus when raising further capital, except in limited circumstances, and its rules for the new public offer platform (POP) regime, which is part of the new UK framework for public offers and admissions to trading of securities. The Chancellor also spoke of the progress being made with PISCES, a new stock exchange for private company share trading.
The Listings Taskforce and the Financial Services Growth and Competitiveness Strategy
The Chancellor also announced a new Listings Taskforce, in collaboration with the Office for Investment, which aims to attract top global businesses to list in London.
Complementing these efforts is the unveiling of the Financial Services Growth and Competitiveness (FSGC) Strategy, which includes the “Leeds Reforms” which the Chancellor called “the most wide-ranging package of reforms to financial services regulation in more than a decade.”
The strategy focuses on four key areas:
- Rolling back excessive regulation that stifles risk-taking.
- Implementing targeted reforms in areas of UK strength.
- Adjusting capital requirements to unlock productive investment.
- Enhancing retail investment opportunities for UK savers.
Upcoming FCA Consultations and Regulatory Developments
Accompanying the FSGC strategy, are a number of consultations, including:
- The FS Sector Strategy: Regulatory Environment – Cross-Cutting Reforms, which is aimed at improving regulatory efficiency. New targets have been set for the FCA and PRA to reduce authorisation and approval times.
- The Consultation: Reforming the Senior Managers & Certification Regime, which is aimed at streamlining the regime, cutting firm burdens by 50% and accelerating approval processes. This was accompanied by the long-awaited FCA Consultation Paper on the overhaul of the SMCR.
The FCA has also been tasked with reviewing the Consumer Duty’s impact on wholesale markets.
The Chancellor also announced that draft legislation to modernise the regulatory framework for asset management will be published in early 2026.
The government emphasised that regulation must support, not hinder, enterprise and innovation. It called on all regulators to embrace a growth-oriented mindset, resisting excessive caution in favour of bold, prosperity-driven oversight.
For Further Information
If you would like to discuss any of the areas raised in this article, please contact your usual Waystone representative or Waystone’s Compliance Solutions team via the below.