On 29 March 2023, the FCA published a speech by its CEO, Nikhil Rathi, at the Global Investment Management Summit. The speech is entitled Reforming the capital markets ecosystem.

In his speech Mr Rathi calls on firms to engage with the FCA’s review of the asset management framework with the regulator wanting targeted reforms that support innovation, be proportionate whilst taking account of global standards. Mr Rathi also mentions that one area where the FCA has been participating actively in is the global debate on ESG. The FCA received around 240 responses to its Sustainability Disclosure Requirements consultation, which garnered broad support and also gave the regulator some constructive feedback. The FCA will reflect and publish a policy statement later this year.

Mr Rathi also touches on recent decisions by some UK-based corporates to seek alternative or additional pastures to raise capital or list their equity. Rather than simply lamenting these decisions or insisting that a few regulatory levers would change the outcomes, Mr Rathi argues that it is important to recognise that there has not until now been a fundamental discussion about the entire capital markets ecosystem. Nor has this been a priority area for public policy for decades.