Chancellor Rachel Reeves has called on financial regulators to take a more pragmatic, pro-growth approach to oversight, unveiling a package of reforms aimed at unlocking investment and getting millions more Britons into the stock market.
Speaking to 350 business leaders at the Mansion House dinner, Reeves promised to ease regulatory burdens that she claimed were acting like “a boot on the neck of businesses”, while launching a nationwide advertising campaign designed to rekindle mass retail investment—evoking the spirit of the iconic 1980s “Tell Sid” privatisation drive.
The ad campaign, funded by 15 leading City firms, will target the 29 million UK adults currently holding savings in low-interest accounts, urging them to consider investing in shares and funds offering potentially higher returns. The campaign will run alongside the introduction of new “targeted support” measures allowing firms to guide novice investors without conducting full financial checks.
“For too long, we have presented investment in too negative a light—quick to warn of the risks, but not the rewards,” Reeves said. “It’s time to change that.”
Participating firms include Barclays, NatWest, HSBC, Lloyds, AJ Bell, Hargreaves Lansdown, Vanguard, and platforms like Robinhood UK and Trading 212. The London Stock Exchange and the Investment Association will help coordinate the initiative, with input from the Financial Conduct Authority and the Money and Pensions Service.
Reeves also used her Mansion House platform to announce a rethink of several post-financial crisis rules, including easing some capital requirements for banks, relaxing senior manager accountability frameworks, and reviewing the powers of the Financial Ombudsman Service.
Treasury officials hinted that more flexible warning labels on investment products could be part of the reforms—particularly to remove deterrents for women and first-time investors.
The reforms follow recent speculation that Reeves might curb tax-free allowances on cash ISAs to nudge savers towards stocks and shares products. Those plans have now been shelved in favour of positive incentives, rather than restrictions.
Another key measure will allow long-term asset funds (LTAFs)—vehicles that invest in illiquid assets such as infrastructure and private equity—to be included in stocks and shares ISAs for the first time, giving ordinary investors access to opportunities previously available only to institutions.
Paul Joyce, Partner at LAVA Advisory Partners, called it “a pragmatic reset” for the financial services sector: “This is a welcome shift from a decade of defensive regulation. It’s an opportunity to create a virtuous circle of investment, growth, and employment, particularly as international capital seeks a European home.”
Robin Anderson, Head of Product Management at Tribe Payments, added: “Reeves’ Mansion House speech marks a real pivot from policy posturing to practical action. Faster regulatory decisions and clearer frameworks are essential for fintechs like ours looking to bring new financial solutions to market quickly.”
He also praised the government’s recognition of innovation beyond London, noting that “fintech doesn’t stop at the M25,” and that unlocking regional growth would be crucial to the UK’s long-term competitiveness.
While the measures are intended to make investing more accessible, Reeves acknowledged that care must be taken not to undermine investor protection. Treasury insiders said the new targeted support framework—set to launch in time for the 2026/27 ISA season—will be tightly regulated and aimed squarely at helping savers take their first steps into the market with confidence.
With cash ISAs currently offering interest rates of around 1%, and equities returning an average of 9% over the past decade, Treasury data suggests there is huge potential to shift dormant capital into productive investment—while also fuelling UK economic growth.
As one official put it: “It’s not about throwing caution to the wind—it’s about putting opportunity back on the table.”
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Reeves takes bold step to boost UK share ownership with sweeping reforms and new investor campaign
