Chancellor Rachel Reeves’ raft of financial services reforms announced in her Mansion House speech last week have provoked a range of reactions from the financial services sector.

I don’t think I was the only one a little surprised by the Chancellor’s decision this week to order a significant review of at least part of the Consumer Duty, which was only fully introduced in 2023.

Chancellor Rachel Reeves has said that the impact of the Consumer Duty, introduced by the FCA in 2023, is “under review.”

Chancellor Rachel Reeves has announced a raft of financial services reforms in her Mansion House speech this evening to boost economic growth and shake up the retail investment market.

The FCA and Financial Ombudsman Service are to ‘modernise the financial redress system’ to closer align their complaint processes.

The Government will continue to look into reforming ISAs to drive higher levels of investing in the economy, according to Chancellor Rachel Reeves.

Wealth manager trade body PIMFA has called on the Chancellor to reform The Financial Ombudsman Service (FOS) ahead of tomorrow’s (15 March) Mansion House speech 

The UK economy unexpectedly contracted in May, marking the second month in a row of falling output, with GDP down 0.1% after a 0.3% fall in April.

The Treasury has revealed that the Government will have the ability to set investment allocation targets under its upcoming multi-employer master trust rules as it shared details of the Pension Schemes Bill.

The Government has published draft legislation for bringing crypto assets into the regulatory perimeter.

More than half of the UK’s financial advisers believe that increasing the ISA allowance above its current £20,000 limit would significantly boost investment in stocks and shares ISAs.

The government could cut the cash ISA allowance to encourage more people to put money into stocks and shares ISAs to boost investment, it suggested today.

The Treasury is to consult on a range on new measures to crackdown on promoters of tax avoidance schemes as it seeks to boost tax revenue.

Chancellor Rachel Reeves told MPs today that GDP growth should pick up to 1.9% next year but said that the forecast for GDP growth this year has been halved by the OBR from 2% to 1%.

Chancellor Rachel Reeves has urged Britain’s regulators to “tear down” barriers to promote business growth.

Chancellor Rachel Reeves is today pressing regulators to do more to boost UK growth in the face of disappointing GDP figures.

The financial services sector has seen a sharp fall in optimism since Chancellor Rachel Reeves’ first Budget in October, according to the latest quarterly CBI Financial Services Survey.

Chancellor Rachel Reeves delivered her first Mansion House speech on the evening of Thursday 14 November 2024. This is the full text of the speech exactly as delivered, as supplied by the Treasury.

Over the past 24 hours, coinciding with her Mansion House speech, Chancellor Rachel Reeves has announced at least 12 significant financial services reforms.

Chancellor Rachel Reeves has promised “transformational change” to advice and guidance in a sweeping series of financial services reforms announced in her Mansion House speech last night.