The financial services sector in Britain commissioned the report, which it claimed would include law and regulation, market practice, and cultural change, to outline what must be done to maintain London as an internationally competitive financial center.
After the City was essentially cut off from the European Union by Brexit, and as companies move to list in New York raise a concern about London’s capacity to compete globally, Britain is seeking to change its financial standards.
The Capital Markets Industry Taskforce (CMIT), a sector organization that commissioned the report, stated that its goal is to make sure that Britain continues to be a preeminent global financial center that fosters the creation of high-growth domestic and foreign businesses.
It will be a thorough, succinct, and simple-to-comprehend report that lays out the new market model required to assist generate growth throughout the larger UK economy, according to a statement from CMIT.
Critics claim that a shift in perspective is necessary to convince pension funds to invest in UK businesses and to convince shareholders to support higher CEO compensation in order to attract and keep top talent in the country.
A core group of individuals, including Alex Hickman, senior managing director at advisory firm Teneo, Mark Austin, a lawyer who has previously published a study on enhancing secondary fundraisings, and former Direct Line Group CEO Penny James, will put together the report.
A symposium will be held on July 7 to assist inform the work before it is published in the fall.
More than 30 public consultations have previously been held in Britain on revising listing and other financial standards, and a new financial services law is currently being approved to put these so-called Edinburgh Reforms into effect.
Separately, top financial sector representatives declared in March that they would propose a “roadmap” in the fall to “kickstart” London’s role as a post-Brexit global financial center by providing a “vision” for the future.
