On 15 July 2025, the Financial Conduct Authority (FCA) issued a statement on market reforms and what’s to come.

The FCA notes in the statement that it is in the middle of a programme of significant reforms to the UK’s capital markets. The FCA has already laid strong foundations by, for instance, overhauling the prospectus regime and introducing a new public offer platform.

The FCA also notes that there is still more to come:

  • The FCA is establishing a consolidated tape for bonds, so investors have better information to trade on in a cost-effective way. The FCA will award the contract this year and in Q4 it will consult on a consolidated tape for equities.
  • The FCA wants to ensure the right protections apply for the consumers who need them and create more freedom for those who don’t. It will review who can be treated as a professional investor for investment firms and how retail consumers access investments, to find the right balance and unlock more opportunities. The FCA will update on next steps in Q4.
  • The FCA will set out proposals in Q4 to improve the quality of data it receives and reduce costs for firms ahead of introducing final rules in 2026.
  • In Q4 the FCA will review securitisation rules to identify areas it can simplify and remove barriers to issuing and investing, ahead of finalising rules in H2 2026.