Mansion House: UK Chancellor of the Exchequer announces reform of the ring-fencing regime

The UK Chancellor of the Exchequer has delivered a speech at Mansion House, London which heralded a large number of UK regulatory reforms with significant impact on the financial services sector. These were announced alongside the publication of the UK's Financial Services Growth and Competitiveness Strategy and the Leeds Reforms. In her speech, the Chancellor has confirmed the government's commitment to "meaningful reform" of the UK's ringfencing regime, further reiterated in the Financial Services Growth and Competitiveness Strategy document which stated that HM Treasury's (HMT) report of its review of the ringfencing regime is expected in early 2026. HMT's overview of the call for evidence outcome in relation to the Financial Services Growth and Competitiveness Strategy, also confirms the government's intention to reform the ringfencing regime with a view to supporting growth.

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