UK set to make it easier for companies to list
Key Points
- FCA launches consultation to simplify IPO research rules and make it easier for companies to list in the UK.
- Key proposals include removing the 7-day delay on connected bank research and scrap requirements for banks to share identical information with independent analysts.
- The 2018 rules added cost, complexity and risk without significantly increasing independent research, putting the UK at a competitive disadvantage.
- This is expected to reduce friction in the IPO process, boost UK capital markets' competitiveness and support economic growth.
- The consultation is open until 29 May 2026; final rules to follow after feedback.
The Financial Conduct Authority has launched a consultation on changes to rules governing research during initial public offerings (IPOs), aiming to simplify the process and make the UK a more attractive destination for companies seeking to list.
Announced on Monday (27 April), the proposals target rules introduced in 2018 that were designed to encourage independent research during the IPO process.
These rules required a seven-day delay before “connected” research from banks involved in the deal could be published and mandated that syndicate banks share the same information with independent analysts as with their own teams.
Market feedback has shown that while the 2018 rules did not significantly boost unconnected research as intended, they introduced added complexity, risk, and costs to IPOs. This has placed the UK at a competitive disadvantage compared to other international listing venues.
Key proposed changes
- Removal of the 7-day delay: The waiting period between publishing an approved registration document or prospectus and connected research would be eliminated.
- Equal information rules scrapped: The requirement for syndicate banks to provide identical information to unconnected analysts would be removed.
No other immediate rule changes are proposed, but the consultation paper includes discussion questions on potential further reforms to the 2018 IPO information flow rules.
“Market feedback has been clear that these rules can introduce additional risk, cost and complexity without delivering the intended benefits,” said Jon Relleen, Director of Infrastructure & Exchanges at the FCA.
“We are committed to reducing friction, supporting growth, and ensuring the UK remains a competitive and trusted place for companies to raise capital.”
The move forms part of the FCA’s ongoing efforts to strengthen the UK’s capital markets, boost competitiveness, and support economic growth.
It aligns with commitments outlined in the FCA’s December 2025 letter to the Prime Minister and builds on previous listing regime reforms aimed at reducing regulatory burdens.
The consultation is open for feedback until 29 May 2026. Responses can be submitted via the FCA’s online form or by email.
