TheCityUK backs Mansion House reforms for financial services

The Chancellor’s Mansion House address set out a broad package for financial services competitiveness, covering tokenised wholesale markets, responsible AI adoption, critical technology providers, bank capital, ring-fencing and regulatory reform through the Financial Services and Markets Bill. TheCityUK said many measures align with its No time to lose report with PwC, including efforts to modernise market infrastructure, strengthen operational resilience and make regulation more proportionate and growth-focused.

TheCityUK backed the Wholesale Digital Markets Champion’s roadmap and the Financial Services AI Adoption plan, citing the need for clear guidance, proportionate oversight and close collaboration between government, regulators and industry. It also welcomed direct oversight of systemically important technology providers, while calling for practical, coordinated implementation that remains innovation-friendly.

Other priorities included UK-US cooperation on digital assets, stablecoins and capital markets, progress in UK-EU relations, regional investment, retail investment reforms and the Financial Services Skills Compact. TheCityUK also supported dematerialisation plans for UK capital markets but warned that faster action is needed to advance tokenised markets and strengthen the UK’s international position.