HM Treasury announced that the Chancellor hosted fintech chief executives at No. 11 Downing Street to discuss the Financial Services Growth and Competitiveness Strategy and new draft legislation aimed at streamlining regulation and boosting the attractiveness of the UK’s capital markets. The legislation would deliver reforms to Markets in Financial Instruments Directive (MiFID) rules inherited from the European Union. The proposals would enable the Financial Conduct Authority (FCA) to scrap rules it considers duplicative and unnecessarily burdensome, and to design a new regulatory framework for capital markets. HM Treasury positioned the draft legislation as the next milestone in its wholesale markets reforms and as part of the Government’s wider objective to cut the administrative cost of regulation on business by a quarter, following the Chancellor’s Mansion House commitment in November to reform capital markets regulation.
HM Treasury 2025-03-18
HM Treasury sets out draft legislation to reform MiFID-derived capital markets rules and enable the FCA to remove duplicative requirements
HM Treasury announced new draft legislation to streamline regulation and enhance the UK's capital markets, following discussions with fintech leaders. The proposals aim to reform Markets in Financial Instruments Directive (MiFID) rules and allow the Financial Conduct Authority to eliminate duplicative regulations. This initiative is part of the Government's broader strategy to reduce regulatory costs by 25%.