The UK Government’s recent moves to encourage the Financial Conduct Authority (FCA) to relax regulatory controls in hopes of promoting economic growth have sparked concerns about potential consumer harm. Financial Markets and Funds Partner Nathaniel Lalone spoke with Law360 on the limitations of the government’s concierge service aimed at helping overseas financial services companies navigate UK rules. He stated, “At least as far as the UK’s wholesale markets are concerned, maybe the best that can be said is that it’s the thought that counts.”
Nate added that the UK’s wholesale financial markets are already accessible to foreign businesses under the “overseas persons” regime, which does not require a local presence in Britain. He suggested, “If the Treasury really wanted to make meaningful progress on third country access to the UK’s wholesale financial markets, it would follow through on its 2020 consultation by implementing measures to improve and streamline the overseas persons rules.”
“Gov’t Growth Priority Forces FCA To Reassess Consumer Risk,” Law360, March 20, 2025
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