On 3 April 2023, HM Treasury published a Call for Evidence (CfE) on the UK Investment Research Review.

As part of the Edinburgh Reforms,the Chancellor of the Exchequer announced that he would be launching an independent review of financial services investment research and its contribution to UK capital markets competitiveness.  

The review has been set up to examine the link between levels of research and the attractiveness of the UK as a destination for companies to access capital, both in private and public markets. The CfE is the first step in the review.

The review will gather information and evaluate options to improve the UK market for investment research and provide recommendations on how to improve the research landscape in the UK with the aim of making the UK a more attractive location for companies looking to list and access capital.

The review will consider the provision of investment research and its contribution to the competitiveness of the UK’s capital markets, and will focus on two key objectives to:

• Assess the link between levels of research and the attractiveness of the UK as a destination to list.
• Evaluate options to improve the UK market for investment research and provide recommendations to this effect.

The CfE sets out a non-exhaustive list of questions on which views are sought.

The CfE is open for three weeks until 24 April 2023.

The CfE is only part of the consultative process. The review will also hold a series of discussions with interested parties to explore the issues further. The review will then provide its report to HM Treasury.