Mansion House 2024: What the Chancellor’s financial services growth vision means for UK businesses 

The Chancellor's recent Mansion House speech outlined an ambitious vision for the UK's financial services sector, with significant implications for businesses operating in, or considering entering, regulated financial activities. 

Delivered on 14 November 2024, the speech introduced the first-ever Financial Services Growth and Competitiveness Strategy, focusing on five key growth areas: fintech, sustainable finance, asset management, insurance, and capital markets. The Strategy reinforces the UK’s goal to remain a global financial leader, advancing commitments made in previous economic frameworks, such as green finance and fintech initiatives, to drive sustainable growth. 

Key changes include plans to reform regulatory requirements, particularly to the Senior Managers and Certification Regime, starting with a consultation to remove the current Certification Regime from FCA rules and replace it with a more proportionate approach that reduces costs and frees up businesses to focus on growth. For businesses, this could mean reduced administrative burdens and more flexibility in talent management. 

As part of the process, the government plans to launch consultations on proposed changes, including the revision of the Senior Managers and Certification Regime, ensuring that businesses and financial institutions can provide input. 

Charles Rogers, Senior Financial Services Solicitor commented: 

This could be a real turning point in how financial services will be regulated. While the important safeguards will remain in place, the Chancellor’s speech signals a much stronger focus on helping businesses grow and innovate. 

The speech also announced significant pension reform aimed at unlocking around £80 billion for investment in private equity and infrastructure projects. This creates new opportunities for businesses seeking investment, particularly in high-growth sectors and infrastructure development.  

It is crucial for businesses navigating these changes to assess their regulatory position and understand how these reforms might impact their operations, taking expert legal guidance where appropriate to help capitalise on these opportunities while maintaining compliance. 

These changes open up new possibilities for your business, but you'll need to think carefully about how to make the most of them while staying compliant,

says Charles Rogers.

Getting ahead of these reforms will be important, so we will be encouraging our clients to start planning now, especially if they're looking to launch new financial products or change their existing services.

Our financial services solicitors can help you to understand how these changes might affect your business.