UK FCA responds to Treasury Committee on Leeds Reforms progress and priorities

The House of Commons Treasury Committee has published a letter (dated 21 January) from Nikhil Rathi, the Chief Executive of the UK Financial Conduct Authority (FCA), responding to the Committee's outstanding questions from the oral evidence session on 16 December 2025. Mr Rathi explains that the FCA is working at pace to deliver the Financial Services Growth and Competitiveness Strategy, including the Leeds Reforms, but that progress in several areas depends on legislation or government action. Mr Rathi notes that the FCA has completed nine initiatives under the strategy and is sequencing its rulemaking to align with expected legislative timetables, progressing in phases where possible.

He sets out the FCA's immediate priorities alongside the wider programme of work expected to progress this year, including associated timelines. Mr Rathi also outlines the FCA's key areas where it is awaiting legislative change or government action before it can advance other priorities.

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