Policy paper

Investment Research Review

The Investment Research Review, led by Rachel Kent, was launched on 9 March 2023, to consider levels of financial services investment research in the UK, and its contribution to UK capital markets competitiveness.

From:
HM Treasury
Published
9 March 2023
Last updated
11 July 2023 — See all updates

Documents

Call for Evidence – UK Investment Research review

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Terms of Reference – Investment Research Review

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UK Investment Research Review

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Details

Final Outcome

On 9 December, the Chancellor announced that he would be launching an independent review of financial services investment research and its contribution to UK capital markets competitiveness. On 9 March 2023, the Economic Secretary to the Treasury announced that Rachel Kent had been appointed to lead this work.

Rachel Kent published the outcome of her review on 10 July 2023, making a series of recommendations to the government, Financial Conduct Authority (FCA) and industry. Her key recommendations are to:

  • introduce a Research Platform to help generate research

  • allow additional optionality for paying for investment research

  • allow greater access to investment research for retail investors

  • involve academic institutions in supporting investment research initiatives

  • support issuer-sponsored research by implementing a code of conduct

  • clarify aspects of the UK regulatory regime for investment research and consider introducing a bespoke regime

  • review the rules relating to investment research in the context of IPOs

The Chancellor has welcomed her report, and accepted all recommendations made to government. The commitment to take forward the review’s outcomes forms part of the government’s broader work to increase the attractiveness of the UK as location for large and small companies to raise capital.

Alongside this, the FCA has published a statement welcoming Rachel Kent’s report.

Investment Research Review

In December 2022, the Chancellor announced that he would be launching an independent review of financial services investment research and its contribution to UK capital markets competitiveness. On 9 March 2023, the Economic Secretary to the Treasury announced that Rachel Kent had been appointed to lead this work.

The review, which will run until June 2023, is part of the government’s broader work to increase the attractiveness of the UK as location for large and small companies to raise capital.

The Investment Research Review has been set up to examine the link between levels of research and the attractiveness of the UK as a destination for companies to access capital, both in private and public markets.  The review will gather information and evaluate options to improve the UK market for investment research and provide  recommendations to this effect. These may be to government, the regulators and to industry.

This review is independent from government but if you would like to contact the Chair please send an email to IRR@hmtreasury.gov.uk

Published 9 March 2023
Last updated 11 July 2023 + show all updates

  1. Website text updated with link to FCA report.

  2. Updated with final outcome

  3. Call for Evidence added

  4. First published.