PIMFA welcomes recommendations in the UK Listing Review aimed at improving retail investor access to markets

3 March 2021

PIMFA welcomes recommendations in the UK Listing Review aimed at improving retail investor access to markets

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, welcomes the recommendations made by Lord Hill in the UK Listing Review designed to improve access for retail investors.

Tim Fassam, Director of Government Relations and Policy comments:

“Lord Hill rightly notes that technology can play a role in improving retail investor access to capital markets, as well as overall engagement, particularly as retail investors are beginning to do so in ever increasing numbers and at an earlier age than before.

“He is also correct however that firms need to do more to increase the speed at which retail investors are able to access capital markets. Straight-through processing technology has been widely available to institutional investors for almost two decades but that does give them an advantage over retail investors, which surely goes against the spirit of democratising access to these markets.

“We also welcome the recommendation to re-establish the Rights Issue Review Group and the recommendation to review the Prospectus Regime, particularly if such measures might improve retail investors’ access to Initial Public Offerings and capital raisings by companies, where in both cases the majority of retail investors feel shut out by existing rules and processes.”

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Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
• PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
• PIMFA has made numerous recommendations to the FCA regarding the Future of Supervision and the FSCS levy – read more.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
• Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

• Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376
• Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225