Key facts
- UK capital markets reform is ongoing, with more changes to come, according to a Treasury minister.
- The FCA has completed the main phase of its wholesale market reform program.
- The FCA is now prioritizing tokenization, AI, and private company share trading.
- The FCA's reforms aim to make UK capital markets more effective, competitive, and attractive.
- Firms' satisfaction with the FCA's effectiveness has increased, with better understanding of its growth objectives.
A senior UK Treasury minister has indicated that reforms to the nation's capital markets are not yet complete, suggesting further changes are on the horizon to bolster the City of London's attractiveness for listings. This comes as the Financial Conduct Authority (FCA) has announced the conclusion of the primary phase of its multi-year wholesale market reform program.
Jon Relleen, director of infrastructure and exchanges at the FCA, stated at the Reform of the UK Public and Private Capital Markets Summit on October 5, 2026, that while significant progress has been made, the work continues. The FCA is now shifting its focus towards emerging areas such as tokenization, artificial intelligence, and the trading of private company shares, signaling a move from foundational 'plumbing' to product-focused innovation.
The FCA's approach emphasizes reforming from a position of strength, building on the UK's existing advantages as a global financial center. The regulator aims to balance market integrity and trust with the need to enable informed risk-taking and support innovation and growth. Recent surveys indicate a rise in firms' satisfaction with the FCA, with a notable increase in understanding of its objectives related to growth and competitiveness.
Institutional changes within the FCA and the Bank of England's enforcement body, including the appointment of individuals with crisis-era financing and market experience, signal a more experienced and commercially aware supervisory bench. This is intended to raise the standard for firm engagement on strategic reforms and commercial priorities.