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3to2 - 10 Key Focus Areas For Financial Services Firms 2025_alev-takil-7ojyp-IXW7w-unsplash_50034

In this publication and podcast series, we explore some of the core focus areas for UK-regulated financial services firms in the year ahead.

In 2024, we saw disruption to the regulatory reform agenda as the unexpected timing of the general election impacted work and publication schedules. Now that the reform agenda is back on track and aligned to the new government’s plans for growth, we are likely to see improved progress on existing reforms as well as fresh initiatives in the pursuit of growth during 2025.

There is doubtless a strong focus on retail markets under the new government, but the UK’s competitiveness as a place to do business remains vital as improvements to the UK’s wholesale markets continue. ESG and AI continue to dominate across the sector as rapidly evolving areas that profoundly impact the regulatory landscape.

Big Ben London England by Night

When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have delivered on the agenda set out.

We also reflect on the recent Mansion House announcements, which have reset the future of regulatory reform.

Read the full report.

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Significant concerns of many groups remain.

By Arthur S. Long, Roman Martinez, Pia Naib, and Jordan R. Goldberg

On September 10, 2024, Federal Reserve Vice Chair for Supervision Michael Barr gave a speech (the Barr Speech) in which he outlined the principal changes that he would recommend to the full Board of Governors in a re-proposed rule to implement the Basel Endgame (the Re-Proposal).

The Basel Endgame would overhaul the methods by which large banking organizations…

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The world’s first regulated private/public crossover market is significantly redesigned as a friction-free “private up” rather than “public down” market with rethought approach to disclosure and market abuse.

By Mark Austin, Chris Horton, James Inness, Anna Ngo, Frederick Gardner, and Johannes Poon

On 14 November 2024, the UK government published its response to the March 2024 consultation on the UK’s proposed new regulated private/public crossover market, the Private Intermittent Securities and Capital Exchange System (PISCES).

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The proposals seek to address engagement feedback which called for a more effective stewardship model that would support UK competitiveness and growth.

By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon

On 11 November 2024, the Financial Reporting Council (FRC) launched its consultation on proposed revisions to its Stewardship Code (the Code). The Code applies on a voluntary basis to its signatories which comprise asset owners, asset managers, proxy advisors, and investment consultants.

Cloudless day at financial district of London

Recent reforms in the UK market have led to less prescriptive executive remuneration principles that encourage companies to tailor structures to their business, strategy, and performance while consulting with shareholders.

By Mark Austin, Kendall Burnett, Sarah Gadd, James Inness, Anna Ngo, and Johannes Poon

On 8 October 2024, the Investment Association (IA) updated its Principles of Remuneration (and supporting guidance) (the IA Principles), which predominantly apply to UK-listed companies. UK proxy advisors refer to the…

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The proposals form a package of measures designed to promote UK capital raising.

By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon

On 26 July 2024, the FCA published consultation papers on a new public offers and admissions to trading regime to replace the existing UK Prospectus Regulation, and on proposals to establish public offer platforms (POPs) as a new mechanism for raising scale-up capital. These proposals form part of a package…

Cloudless day at financial district of London

The new regime modernises the listing framework while maintaining robust standards to protect investors and ensure market integrity.

By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon

On 11 July 2024, the FCA released the final rules for the new UK listing regime, which will take effect from 29 July 2024.

This new regime is a culmination of the reform journey that started with the Listing Review in 2021 and which modernises the…

Cloudless day at financial district of London

Fighting financial crime, protecting consumers’ needs, and bolstering wholesale markets are the regulator’s key priorities for the year ahead.

By Rob Moulton, Nicola Higgs, Becky Critchley, and Charlotte Collins

On 19 March 2024, the FCA published its Business Plan for 2024/25, setting out its priorities for the year ahead. While the Business Plan now takes on less significance than it did historically given other publications in circulation such as the FCA’s 3-year Strategy and the Regulatory…

Cloudless day at financial district of London

UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget.

By Mark Austin, Rob Moulton, Anna Ngo, Frederick Gardner, Charlotte Collins, and Johannes Poon

On 6 March 2024, HM Treasury published a consultation paper seeking industry feedback on the UK’s proposed new regulated crossover market, the Private Intermittent Securities and Capital Exchange System (PISCES). PISCES would allow private companies to trade their securities in…