Mansion House: FCA statement on market reforms and what's to come

The UK Financial Conduct Authority (FCA) has published a statement on its work to date reforming the UK capital markets, and what lies ahead in terms of consultations and developments expected later this year and in 2026. The statement notes the recent work carried out by the FCA in respect of the financial markets, and refers to those market reforms highlighted in the UK chancellor of the exchequer's speech delivered at Mansion House on 15 July, including the landmark reforms to the advice guidance boundary on the new regulated activity of targeted support, proposals to modernise the redress system and consultations on reforming the Senior Managers and Certification Regime.

The statement also confirms some developments expected for later this year and next year, including:

• Awarding the contract for a consolidated tape for bonds later this year.
• Consulting on a consolidated tape for equities in Q4 this year.
• Providing an update on the FCA's review of the classification of professional investors and how retail consumers access investments in Q4 this year.
• Proposals to improve data quality in transaction reports in Q4 this year, with final rules expected in 2026.
• Review of securitisation rules in Q4 this year, with final rules expected in 2026.

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