Stakeholders reacted to Mansion House 2025, with Andrew Evans, Founder, Smart Pensions saying: "It's really positive to see the Leeds Reforms, encouraging the financial services market to nurture more innovative high-growth UK companies.
“Over the last decade we've pioneered auto enrolment technology in the pensions industry, creating a global fintech business from the heart of London, highlighting what a wealth-generator organisations like ours can be for the UK economy. We are delighted to support these reforms and look forward to seeing more home-grown startups and scaleups flourish and thrive."
Director of Policy at Royal London, Jamie Jenkins, said: “The Leeds Reforms mark a welcome shift of the regulatory dial towards supporting UK growth and competitiveness.
“The proposals for a new targeted support regime, allied with encouraging and educating people to consider the benefits of investing, represent an exciting opportunity to give consumers more meaningful help and support. Fostering a more innovative and inclusive financial environment can contribute to sustainable economic growth and improve the financial resilience of individuals across the UK.”
Ian Stuart, Chief Executive Officer at HSBC UK, said: “We welcome the positive announcement by the Chancellor in the Leeds Reforms.
“These ambitious changes will modernise regulation, drive investment, and accelerate growth in the financial services sector and wider UK economy. The reforms will support our work at HSBC UK to improve financial resilience, drive innovation, and bring long-term economic benefits to communities across the UK.”
The NatWest Group’s Group Chief Executive Officer, Paul Thwaite, said: “The financial sector has a critical role to play in supporting economic growth, by unlocking investment and driving prosperity across the whole of the UK.
“That is why the Strategy just announced is so important. There is no path to growth without it.
“The Chancellor has taken positive steps. In particular the commitment to building a stronger investment culture within the UK is potentially transformational.
“But this Strategy will only be successful if we, government and industry together, show the benefits it brings to our economy and the lives of people and businesses up and down the country.” Jane Kielty, Chief Executive Officer at Aon said: “It’s fantastic news for the UK that the Chancellor has unveiled a suite of such forward looking and growth generating proposals.
“The UK needs to remain competitive and these measures compliment the expertise that keeps the UK, and London, at the very centre of the global insurance industry. We will launch our own new UK-based Captive Management Company in preparation for the new regime to help organisations capitalise on the UK as a strong alternative domicile to other jurisdictions.
“We believe the right regulations here will result in two things. Firstly, new formations for UK organisations that previous hadn’t considered forming a captive and secondly attracting existing captives from other jurisdictions outside of the UK who want to re-domicile to here.”
The CBI’s Chief Executive Officer, Rain Newton-Smith, said: "The Leeds Reforms spearheaded in the Financial Services Growth and Competitiveness Strategy, mark a vital step forward for the UK economy.
“It rightly acknowledges that our financial services sector is not merely a key industry in itself, but a foundation for growth and prosperity across every region and nation of the UK. When financial services thrive, so does the entire economy - creating jobs, fostering innovation, and driving investment in communities nationwide.
“We particularly welcome the commitment to developing a truly competitive regulatory environment, including the much-needed reforms to the Financial Ombudsman Service (FOS) and the introduction of the Office for Investment Concierge Service. These measures are crucial for enhancing efficiency, building trust, and ensuring the UK builds on its reputation as a world-leading hub for financial innovation and investment."
Caroline Wagstaff, Chief Executive Officer, London Market Group said: “The London Market Group welcomes the launch of the new ten-year Financial Services Growth Plan and its recognition of the UK’s commercial insurance market as one of the country’s leading export-driven industries.
“It is encouraging to see not only a strategic plan for the sector, but also detailed and actionable measures. The delivery of a new UK captive regime, reforms to the Insurance-Linked Securities (ILS) framework, and the creation of a new concierge service are particularly welcome.
“These, alongside ongoing commitments to reform the regulatory landscape, to make it more proportionate and internationally competitive, mark a significant step forward. The work to make these reforms a reality starts today.
“The LMG wants to be a partner with government and regulators to ensure these innovations are delivered at pace and make a meaningful contribution to the sector’s growth and success.”
