FCA Consults on Changes to IPO Research Rules

WHY THIS MATTERS: The UK Financial Conduct Authority (FCA) is continuing its strategic push to restore London’s position as a premier global listing venue. This latest consultation directly addresses the persistent concern that post-MiFID II rules—specifically the mandated seven-day research delay and equal data access for unconnected analysts—created unnecessary friction. Since these 2018 rules failed to stimulate a market for independent research as intended, their abolition is a value-first necessity. Simplifying the IPO process by removing these costly and time-consuming steps signals the FCA’s commitment to prioritizing regulatory competitiveness. This should shorten the time-to-market for initial public offerings, making the UK a far more appealing destination for high-growth tech and fintech companies considering a public float.

The Financial Conduct Authority (FCA) is seeking views on proposals to change rules that govern the publication of research during the initial public offering (IPO) process.

The FCA is consulting on removing the requirement for a seven‑day delay before connected research on an IPO can be published. It also consults on removing rules that require firms to provide independent analysts with the same information as their own research analysts.

These rules were introduced in 2018 to encourage the production of unconnected research, but they have not achieved that aim. However, feedback from the market suggests that they have also added complexity, risk and cost to the IPO process, and have put the UK at a competitive disadvantage compared with other international listing venues.

Removing these requirements would simplify the IPO process and improve the conditions for listing in the UK. This would support the FCA’s work to strengthen the UK’s capital markets and to support growth and competitiveness.

Jon Relleen, director of infrastructure & exchanges, supervision, policy & competition division said: “Market feedback has been clear that these rules can introduce additional risk, cost and complexity without delivering the intended benefits. We are committed to reducing friction, supporting growth, and ensuring the UK remains a competitive and trusted place for companies to raise capital.”

No other rule changes are proposed at this stage. However, the paper includes discussion questions on whether further reform of the 2018 IPO information flow rules may be appropriate.

This consultation helps to deliver one of the commitments set out in the FCA’s letter to the Prime Minister in December 2025.

The FCA welcomes feedback by 29 May 2026.

FF NEWS TAKE: This consultation decisively moves the needle in the UK’s quest for capital markets relevance. The original rules were an admirable but failed attempt to diversify research, and their practical failure meant the UK was uniquely burdened. Removing these specific friction points will accelerate deal-making and reduce execution risk for new listings. The next step is watching for immediate industry feedback and, critically, if this move is sufficient to secure listing commitments from companies currently weighing international venues.