The Leeds Reforms 2025

On 15 July the Chancellor announced a number of proposed financial services reforms at a summit in Leeds, ahead of her annual speech at the Mansion House, referred to as the 'Leeds Reforms’. This speech was accompanied by publication of the Government’s Financial Services Growth and Competitiveness Strategy and a number of related documents, together comprising a ten-year sector plan for financial services. The Government’s stated aim of the reforms is to “position the UK as the number one destination for financial services companies by 2035”.

Our Insurance, Financial Regulation, Employment and Financing teams provide expert briefings on the key announcements and what it means for businesses. Please get in touch if you would like to discuss any topics in more detail.

The Leeds Reforms and the Insurance sector In this briefing we consider insurance-specific aspects of the proposals including the growth and competitiveness strategy, proposals for a new captive insurance regime and changes to the current protected cell company regime.

Streamlining the SMCR: unpacking the Leeds reforms Following the Leeds Reforms, HM Treasury, the PRA and the FCA have published consultation papers on reforming the Senior Managers and Certification Regime (SMCR). In this briefing we explore the guiding principles to the reforms, modifications to the 12-week rule and clarification of the scope of the SMF7 function.

Reforming UK Financial Services: Takeaways for Treasurers In this briefing we highlight some of the key aspects that corporate treasurers may wish to take note of and monitor, including measures to free up bank capital for investment, plans to integrate and support innovation, fintech and digitisation throughout the UK financial markets to drive competition and growth and the modernisation of the payments landscape to create greater efficiencies.

Please do contact your usual Slaughter and May contact, or any of the contacts listed for further information on the items covered.

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