LSE launches taskforce to boost UK capital market reform

New taskforce consists of a wide range of participants to ensure an inclusive and thorough debate on specific areas where change is needed can take place.

The London Stock Exchange has launched a new UK capital markets industry taskforce, bringing together participants from across the financial markets ecosystem to drive the development of the UK’s capital markets.

The new taskforce looks to ensure capital markets work effectively, directing capital into the real economy to create jobs and promote innovation.

Objectives of the taskforce include stimulating industry engagement to ensure that the UK’s capital markets serve those who seek capital and those looking to invest, and ensuring capital markets support the UK economy and strengthen its position as a global financial centre.

A wide range of sub-groups will make up the taskforce, deliberately drawing from industry, academia and civil society to ensure an inclusive and thorough debate on specific areas where change is needed can take place.

In addition, methods in which the ecosystem can evolve will be considered by the taskforce, alongside supporting current and future regulatory change to ensure the focus on implementing reform continues and is effectively adopted.

The taskforce will be chaired by Julia Hoggett, chief executive of the London Stock Exchange. It will consist of various CEOs, chairs and industry leaders from private and publicly listed companies, asset owners and managers as well as the advisory services that support their access to capital and investments – bringing together a group that represents the full end-to-end ecosystem of the public and private capital markets.

The inaugural members of the taskforce are:

  • Exchange: Julia Hoggett, CEO, LSE (chair)
  • Lawyer: Mark Austin, corporate partner, Freshfields, chair of UK Secondary Capital Raising Review and Listing Authority Advisory Panel Chair
  • Corporate and investment bank: Katharine Braddick, group head of strategic policy and advisor to the group CEO, Barclays.
  • Asset manager: Peter Harrison, CEO, Schroders
  • Venture capital investor: Klaus Hommels, VC and Lakestar Founder
  • Pension funds/insurer: Nicholas Lyons, chairman, Phoenix Group
  • Private company CEO: Matthew Scullion, CEO and founder, Matillion
  • Advisory/audit/accountancy: Dr Kay Swinburne, vice chair of financial services at KPMG UK
  • Listed company chair: Sir Jonathan Symonds, chairman, GSK.

“Strengthening our financial ecosystem and thereby improving the competitiveness of the UK capital markets is a continuous task. It is vital to ensure the UK capital markets continue to provide efficient access to capital, which enables businesses to start, grow, scale and stay here, and provide all savers and investors with access to the best possible assets, generating the best possible growth potential,” said Hoggett.

“I am honoured to chair the UK Capital Markets Industry Taskforce. This is a great opportunity to work with senior practitioners across the financial markets to build on the momentum of the UK market reviews and reforms, and ensure our markets are right for future generations.” 

Later today, the government is set to publish the Financial Services and Markets Bill. The future regulatory framework (FRF) review for new post-Brexit financial services regulations was first introduced by Rishi Sunak in July 2021 and is set to be published today, with anticipation that the bill will include some of the Mifid II regulations being scrapped or watered down.