The UK Government has set out a wide‑ranging Financial Services Growth and Competitiveness Strategy, unveiled by the Chancellor in her Mansion House speech on 15 July.
Branded the “Leeds Reforms”, the plan aims to make the UK the leading global hub for financial services by 2035 and to reduce regulatory costs that “stall inward investment and slow growth”. Key measures include streamlining the Senior Managers and Certification Regime, cutting the number of roles requiring regulator pre‑approval by 40%, and refocusing the Financial Ombudsman Service to avoid overlap with the FCA.
Reporting requirements across regulators will be rationalised, while authorisations are to be accelerated through a new “scale‑up unit” and a concierge service for overseas investors.
To unlock investment, the Government will raise the MREL threshold, revisit ring‑fencing rules and launch an industry campaign encouraging savers to shift cash from current accounts into capital markets. Long‑term asset funds will become ISA‑eligible from April 2026. Further chapters of the strategy focus on trade facilitation, FinTech innovation, skills development and the growth of regional financial clusters.
Professional bodies had urged proportionate, predictable regulation ahead of the speech, arguing that complexity hinders growth.
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