Policy in practice: Labour and financial services – post-Mansion House speech reflections

Following our part one episode on Labour’s approach to financial services, Head of Public Policy David Gauke is joined once again by Financial Services Regulation Partners Alexandra Green and Michael Sholem to reflect on the Chancellor’s Mansion House speech and the announcement of the Leeds Reforms.

They cover:

• proposed changes to the Financial Ombudsman Service, including a 10-year time limit for complaints and revised interest rates;
• updates to the Consumer Duty and continued focus on targeted support initiatives;
• potential reforms to the Senior Managers and Certification Regime (SMCR);
• long-term asset funds (LTAFs) becoming ISA-eligible from April 2026; and
• the Government’s ambition to make the UK the leading global hub for financial services by 2035.

While the reforms are not on the scale of a regulatory “Big Bang”, they reflect a shift in tone – with a stronger focus on growth, risk appetite and international competitiveness. The direction is evolutionary rather than radical, but the breadth of reform is significant.

Listen to part one of this discussion for our earlier reflections on Labour’s approach to financial services.

If you would like more information or wish to discuss any of the topics covered in this podcast, please get in touch with David, Alexandra or Michael.