The government has published the first-ever Financial Services Growth and Competitiveness Strategy, outlining a 10-year plan to make the UK the “global location of choice” for financial services firms.

The launch of the strategy, which forms part of ‘The Leeds Reforms’, follows a call for evidence, consultations, and several industry forums hosted by Chancellor, Rachel Reeves, with leaders from across the financial services sector.

The government said it marked a “pivotal shift” in approach, placing competitiveness and growth at the heart of financial services policymaking.

The proposals in the strategy spanned across five areas of focus: Delivering a competitive regulatory environment, harnessing the UK’s global leadership in financial services, embracing innovation and leveraging its fintech leadership, building a retail investment culture and delivering prosperity through capital markets and setting the financial services sector up with the skills and talent it needs.

There was a particular focus on democratising finance, with the strategy emphasising the need to make saving and investing accessible to a broader population through better disclosures, investor nurturing, and targeted support interventions.

One of the most significant proposals was a major reform of the UK’s listing rules, aimed at reinvigorating public markets.

The government plans to replace the current ‘premium’ and ‘standard’ listing segments with a single category for equity shares, making it simpler for companies to list in London.

Additional reforms will allow for greater founder control post-IPO, including more flexible rules on dual-class shares and a reduction in free float requirements.

These changes are designed to make the UK more competitive with other financial centres, particularly for high-growth and tech firms that have often chosen to list in the US.

Indeed, the strategy noted that the number of UK-listed companies has fallen by over 40 per cent since 2008, contributing to concerns about competitiveness.

Meanwhile, the strategy also reaffirmed the government’s commitment to embedding climate transition plans into the financial system.

This includes supporting companies and financial institutions in producing and disclosing credible transition plans, as well as aligning with international frameworks such as the Transition Plan Taskforce (TPT) guidance.

It also unveiled plans to expand green finance markets, positioning the UK as a “global hub” for climate and nature-aligned investments.

Looking ahead, the government stated that it would continue to work closely with regulators and industry to implement the reforms, ensuring that growth ambitions are aligned with investor protection and financial stability.

The government also said that the strategy will be monitored annually to ensure progress is tracked across multiple sectors.

The Investing and Saving Alliance (TISA) has welcomed the strategy, highlighting three major retail investment measures – reforms to risk warnings, targeted support, and a national awareness campaign – as important steps toward helping consumers feel more informed, supported and confident about investing.

TISA chief executive, Carol Knight, described it as “a generational opportunity” to change the way Britain saves and invests.

“For years, we’ve seen the barriers that prevent people from accessing the benefits of long-term investing: poor understanding of risk, overwhelming documentation, and an advice model that simply doesn’t work for the vast majority of consumers,” she argued.

“Investing won’t be right for everyone at every stage, but everyone should feel it’s something they could do. These reforms help break down the psychological and practical barriers that prevent many people from considering investing in the first place.

Carol Knight added that the strategy reflected “everything” her firm had been calling for,
including smarter communication, simpler guidance, and a more inclusive system that helps people feel confident about investing.

“TISA strongly supports the government’s commitment to a public awareness campaign focused on improving understanding and inclusion when it comes to investing, not pushing products, but empowering consumers to make the right choice for their circumstances,” she added.

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