We wanted to ensure that the UK wholesale markets continued to be regarded as one of the top global markets of choice. Our initiatives have started to deliver and continue to build momentum in advancing a regulatory framework that is clear, well-understood and trusted by market participants who think it is proportionate both in terms of speed, cost as well as supporting innovation.
We said we would measure our commitment outcomes by maintaining or improving:
- Markets perceptions of our overall regime.
- Our standing as a global financial centre relative to other major global markets.
- Our performance in key operational metrics indicating our competitiveness in terms of speed and efficiency.
Confidence and fair value
Outcome 1: The regulatory framework is clear, well-understood and trusted by all market participants.
The framework supports market participants determining fair value. Where outcomes are not being met, this is clearly communicated, and remediation is swiftly undertaken or enforced
| Metric code | Metric description | Source | Baseline Value | Year 1 values | Year 2 values
| Year 3 values | Latest status (year 3 value compared to baseline) |
|---|---|---|---|---|---|---|---|
GWM1-M01
| Increase in perceived effectiveness of FCA’s role and impact in regulation of the wholesale markets
| FCA and Practitioner Panel survey
| The regulatory framework is clear and well understood by all market participants:
(2022/23) | N/A |
(2023/24) | Agree or Strongly Agree 55% Note that for metrics based on the FCA and Practitioner Panel survey (GWM1-M01, GWM2-M02, GWM3-M01) investment management firms were included in the sample for 2023/24 and 2024/5, but were not included for some of the questions in 2022/23. Further details on the implications of this and any impacts on the results. | Little or no change |
The regulatory framework is trusted by all market participants:
(2022/23)
| N/A |
(2023/24) |
| Little or no change | |||
Over the past 12 months the UK’s position in wholesale markets has:
(2022/23) | N/A |
(2023/24)
|
(2024/25) | Improved | |||
Impact of the FCA’s actions on the UK’s position in wholesale markets during this time (on a scale of 1=significant negative impact to 10=significant positive impact): Mean score: 6.3 (2022/23) | N/A | Mean score: 6.4 (2023/24) | Mean score: 6.3 (2024/25) Difference between year 3 and baseline value is not statistically significant. | Little or no change | |||
FCA regulation supports market participants determining fair value in wholesale markets
(2022/23)
| N/A |
(2023/24) |
(2024/25) | Little or No Change |
Access
Outcome 2: The UK is regarded by market participants as one of the top markets of choice, with innovation viewed as encouraged and supported, and regulation viewed as appropriately evolving to address new opportunities and risks
| Metric code | Metric description | Source | Baseline Value | Year 1 values
| Year 2 values | Year 3 values | Latest status (year 3 value compared to baseline) |
|---|---|---|---|---|---|---|---|
| GWM2-M01 | Working with partners, maintain the UK’s top 5 position in the Global Financial Centres index. This measures the overall financial activity across all sectors and considers a number of qualitative factors related to overall economic performance It ranks different jurisdictions based on these factors
| Global Financial Centres Index | London is ranked second in this index (for year 2022) | N/A | London is ranked second in this index (2023/24)
| London is ranked second (in March 2025) | Little or no change (note: little or no change for this metric is a significant achievement, for details see ‘what the latest metric values tell us’) |
| GWM2-M02 | Increase in market participants’ perception of the strengths of the regulatory regime in the wholesale markets | FCA and Practitioner Panel survey | The FCA is effective in regulating wholesale markets.
(2022/23) | N/A |
(2023/24) |
(2024/25) | Declined |
FCA regulation ensures the integrity of wholesale markets:
(2022/23)
| N/A |
(2023/24) |
(2024/25) | Declined |
Access/Sustainability
Outcome 3: Market participants regard the regulatory framework as proportionate both in terms of speed and cost
| Metric code | Metric description | Source | Baseline Value | Year 1 values
| Year 2 values | Year 3 values | Latest status (year 3 value compared to baseline) |
|---|---|---|---|---|---|---|---|
GWM3-M01
| Increase in perception of market participants on the proportionality of the regulatory regime in the wholesale markets | FCA and Practitioner Panel survey | FCA regulation in wholesale markets is proportional in terms of the benefits versus the costs:
(2022/23) | N/A |
(2023/24) |
(2024/25) |
Declined |
| GWM3-M02 | Increased proportion of cases meeting Listing Transactions & Authorisation turnaround targets | FCA operating metrics | Listing Transactions voluntary standards met: New issuer: First response within 10 days
| New issuer: First response within 10 days
| New issuer: First response within 10 days
| New issuer: First response within 10 days
| Improved |
Existing issuer: First response within 5 days
| Existing issuer: First response within 5 days
| Existing issuer: First response within 5 days
| Existing issuer: First response within 5 days 2024/25 - 100% | Little or no change | |||
New issuer: subsequent proof response within 5 days
| New issuer: subsequent proof response within 5 days
| New issuer: subsequent proof response within 5 days
| New issuer: Subsequent proof response within 5 days 2024/25 - 98.8% | Little or no change | |||
Existing issuer: subsequent proof response within 3 days
| Existing issuer: subsequent proof response within 3 days
| Existing issuer: subsequent proof response within 3 days
| Existing issuer: Subsequent proof response within 3 days 2024/25 - 99.1% | Little or no change | |||
Other queries within 5 days
| Other queries within 5 days
| Other queries within 5 days
| Other queries within 5 days 2024/25 - 100% | Little or no change | |||
Approved Persons - of which SMCR-related
| Approved Persons - of which SMCR-related
| Approved Persons - of which SMCR-related
| Improved | ||||
Approved Persons - of which AR-related
| Approved Persons - of which AR-related
| Approved Persons - of which AR-related
| Improved | ||||
New Firm Authorisations
| New Firm Authorisations
| New Firm Authorisations
| Little or no change | ||||
Variations of Permission
| Variations of Permission
| Variations of Permission
| Little or no change | ||||
Change in Control
| Change in Control
| Change in Control
| Improved |
What the latest metric values tell us
The data indicates that the concerns from a few years ago that the UK was losing its strength as the second leading financial centre have diminished. We see this in the FCA and Practitioner Panel survey 2024/25 data which shows that negative sentiment about the market strength has reversed significantly.
London has, in fact, maintained its position and, in some instances, improved its competitiveness and attractiveness over other jurisdictions. This is indicated in the Global Financial Centres Index data where London retained second ranking between New York and Hong Kong.
In the underlying metrics that make up the overall index ranking, London represents the highest positive change in overall rating within the top 5 global financial centres. London has risen or remained the same across 88% of all measured competitiveness metrics in the major industry sectors, with the UK replacing New York as number one in banking for the first time in 5 years. 100% of UK’s financial industry sectors are now in the top 3, compared to only 63% in 2024. London also maintained its number one ranking as having the broadest and deepest financial centre globally in 2025. On innovation, London is in second position for having the most competitive Fintech activity environment.
While a range of factors have played a part in this outcome, we have had positive feedback on our contribution, including reform of Listings Rules and improving efficiency at our Authorisation gateways. We see this in the FCA and Practitioner Panel survey 2024/25 metrics where over half the respondents perceive us to be effective and positively supporting the UK’s wholesale markets.
This positive feedback is supported by our own operational metrics on the significant improvements that have been made on authorisations turnaround times for wholesale market firms. Listing transaction turnaround times also showed improvement. This builds on an already very high starting point and means that firms should be able to start to operate their business or access capital markets more quickly. In Authorisations, turnaround times are between 96% to 100% of cases within target in Q4 2024/25, an improvement from between 95.3% to 99.7% in Q4 2023/24, and a significant improvement from 78.9% in Q1 2022/23. For further information see our Authorisations operating service metrics 2024/25 Q4.
However, despite these improvements, we saw a decline in the perception of proportionality of the regulatory regime.
The long-term nature of our interventions and their associated lagging impact, as well as the impact of macro-economics and geopolitics, means the full impact on metrics is yet to be realised. Continuing work on promoting sustainable economic growth, which will include work on the proportionality of regulation, is a key focus of our new strategy.
The 2024/25 Annual Report details other initiatives delivered during our 3-year strategy.