In a speech at UK Private Capital, HM Treasury’s Economic Secretary reviewed the government’s existing private markets agenda and reiterated that the new Chancellor remains committed to the Financial Services Growth and Competitiveness Strategy. The government intends to support greater investment in UK businesses while pursuing a more proportionate regulatory framework and monitoring vulnerabilities arising from the growth of private markets. Current work includes proposed reforms to the Alternative Investment Fund Management Regulations, developed with the Financial Conduct Authority, and a package to recalibrate requirements for venture capital fund managers. The System-wide Exploratory Scenario exercise will inform the government and regulators about private market risks, including links between private credit, banks and insurers. The Economic Secretary also highlighted pension consolidation and investment reforms, the second Pensions Commission’s finding that about 15 million working-age adults risk inadequate retirement outcomes, and implementation of recommendations from the financial services artificial intelligence adoption plan.
2026-09-10HM Treasury
HM Treasury reiterates private markets growth agenda alongside continued risk monitoring
HM Treasury reiterated its agenda to expand UK private market investment while making asset management and venture capital regulation more proportionate. The government will pair these reforms with continued monitoring of private credit risks and implementation of pension and financial services artificial intelligence initiatives.