The proposed sweeping reform of Britain’s company listing rules lacks consensus on how aggressive the new regime should be in persuading firms to list in London rather than New York, regulators said.
The decision by UK chip designer Arm Holdings to list in the United States triggered calls in Britain to make London more attractive as a listings destination by easing the rules.
The Financial Conduct Authority (FCA) has proposed combining its “premium” and “standard” listing categories, and ease other listing requirements such a requirement for a detailed financial track record, prompting sharp criticism from shareholder groups.
Sarah Pritchard, FCA executive director for markets, said on Monday that alone would not solve all the problems in Britain’s capital markets, and a range of views had emerged in response to its proposals.
“Consensus does not necessarily mean compromise – it means achieving the right outcome that balances our objectives, in a way that supports the UK’s international competitiveness and growth,” she told a City & Financial conference.
Such fundamental reform would need a different level of risk, which needed a public discussion, she said.