Westminster Business Forum

This conference discussed priorities for the UK space sector, looking at strategy, investment, and collaborative frameworks, including the Government’s recent announcement that the UK Space Agency will be absorbed into the Department for Science, Innovation and Technology by April 2026, with the aim of streamlining delivery.

Sessions in the agenda examined opportunities for developing the role of the sector as the Government pursues policy objectives for economic growth, including investment in research and development and digital infrastructure - with the space sector now contributing £16-18bn annually to the UK economy and delivering £5-£6 for each £1 of public investment.

Policy, regulation and the Industrial Strategy
With the Advanced Manufacturing Sector Plan identifying space as a priority sector, stakeholders and policymakers considered implications for growth and innovation in core capabilities, and what will be needed if ambitions for growth, revenue generation, innovation and resilience are to be achieved.

Taking place in the wider context of the 2025 Spending Review and proposed investment in satellite connectivity for rural areas, there was also a focus on recent regulatory decisions, including Ofcom’s licensing of non-geostationary satellite systems and the release of additional spectrum for satellite services. Delegates also considered the recently announced UK Space Frontiers 2035 initiative, assessing its plans to deliver a long-term national vision for the industry across government agencies and guide priorities for future missions.

Areas for discussion included balancing domestic sector development with market access for international operators, alongside how the incorporation of the UK Space Agency into the Department for Science, Innovation and Technology might help address challenges of regulatory coordination and streamline support for the sector. Delegates considered the anticipated response from government to the UK Space Agency’s consultation on orbital liabilities, insurance, charging, and sustainability and its potential impact on investor confidence and environmental governance.

Supply chains, UK capabilities and international relationships
The conference was an opportunity to assess practicalities for achieving targets outlined in the Sector Plan. Delegates discussed strategies for scaling-up production and commercial deployment of space technologies, growing exports, and enhancing capabilities in manufacturing, launching and regulation of satellites, with the Government carrying forward recommendations of the 2024 Space Regulatory Review.

Priorities for improving capacity and developing supply chains required to support production and deployment of large-scale satellite constellations were also considered. What will be needed from policy and regulation to develop core capabilities in the UK - such as In-orbit Servicing, Assembly, and Manufacturing - was also discussed, with a new procurement process recently launched by the UK Space Agency for a £75.6m tender for the UK’s first Active Debris Removal initiative.

Attendees also considered issues around maintaining and investing in strategic partnerships with international bodies - including the European Space Agency - as the Government commits to increasing bilateral civil research and development funding to £75m over five years. The impact of geopolitical issues was also discussed, including trade and national security challenges, as factors underlying aims to diversify and strengthen the UK’s space innovation ecosystem.

Funding
Sessions assessed funding mechanisms such as the Connectivity in Low-Earth Orbit programme, looking at how they are applied and the engagement needed with stakeholders as they progress. Delegates examined tailored support for space sector organisations through the Business Pathway programme.

We also expected discussion on improving access to finance through the Private Investment Framework and priorities for fostering regional growth and collaboration through Catapult-led partnerships. There was also discussion on how to meet the needs of early-stage businesses and small and medium-sized enterprises, alongside strategies to de-risk long-term infrastructure projects and attract large scale private investment.

Regulation
The conference also examined what will be needed from regulation to best support delivery of the UK’s industrial space ambitions. Delegates looked at the implementation of innovative regulatory frameworks, sector priorities for Ofcom making available spectrum for satellite connectivity, and next steps in taking forward recommendations to improve regulation in the recently published Regulatory Sandbox for Rendezvous and Proximity Operations: Stage 1 report.

Collaboration in designing Space Regulatory Standards was also discussed, as the British Standards Institution consults on guidance on environmental considerations for launch capabilities and long-term sustainability of outer space activities, including space debris, and dark and quiet skies. 

Workforce and skills development
Further areas for discussion included support for the workforce and skills development through the Space Education and Future Workforce programme, and addressing ongoing skills gaps in software and artificial intelligence within the UK space sector, including mid-career upskilling and expansion of talent pipelines through science, technology, engineering and maths education and professional development programmes.

Further areas for discussion

• policy: priorities for future development, accountability and delivery mechanisms across the ecosystem - incorporation of the UK Space Agency into the Department for Science, Innovation and Technology - developing long-term industrial strategy for the UK space sector
• regulation: assessing recommendations from the Regulatory Sandbox for Rendezvous and Proximity Operations report - ensuring that UK regulation keeps pace with international standards - commercial viability and incentives for sustainable operations
• industrial strategy and manufacturing: support for domestic production and high-value research and development activity - opportunities for manufacturing clusters and regional growth
• funding: role of venture capital and barriers to growth - support for small and medium-sized enterprises through UK Space Agency and Catapult programmes
• connectivity: potential of non-geostationary orbit systems such as Kuiper for bridging the digital divide - broadband rollout in underserved rural areas
• security and resilience: protecting UK space infrastructure against threats - dual-use technologies in defence and commercial settings - UK capabilities and supply chain security
• innovation: regulatory frameworks for in-orbit servicing and advanced satellite capabilities - adoption of artificial intelligence, robotics, and autonomy - UK leadership in next-gen tech with commercial and public benefit
• international partnerships: UK collaboration with the European Space Agency and other nations - securing the UK’s position in international space governance and standards - inward investment and joint development agreements
• workforce and skills: alignment of workforce initiatives with areas of strategic technological development - inclusion and diversity in the workforce - contribution to job growth across the UK
• societal and national contribution: priorities for space infrastructure in supporting critical services - opportunities in maritime security, emergency response, precision agriculture, and environmental monitoring - ensuring strategic investments deliver broader economic and societal returns

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include parliamentary pass-holders from the House of Commons and officials from the Department for Science, Innovation and Technology; Department for Environment, Food and Rural Affairs; Department for Energy Security and Net Zero; Department for Business and Trade; Department for Transport; Foreign, Commonwealth and Development Office; Government Legal Department; HM Revenue and Customs; National Cyber Security Centre; UK Space Agency; UK Health Security Agency; Military Aviation Authority; Home Office; and the Welsh Government.

This conference examined next steps for non-financial reporting in the UK.

It brought together key stakeholders and policymakers to discuss the way forward for corporate reporting reform, with a consultation announced by the Secretary of State in October 2024 on modernising the non-financial reporting framework. Areas for discussion in the agenda included the development and implementation of UK Sustainability Reporting Standards, implications of the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, and the Financial Conduct Authority’s work on regulation of environmental, social and governance ratings providers.

Delegates looked at how recent and upcoming reform can be implemented in a way that reduces unnecessary reporting burdens while supporting transparency, accountability, and sustainable growth.

UK Sustainability Reporting Standards
Delegates discussed priorities for the application of UK Sustainability Reporting Standards, with the Government having published a consultation on amendments to draft standards in June 2025, following the Technical Advisory Committee advising endorsement of the International Sustainability Standards Board’s International Financial Reporting Standards S1 General Requirements for Disclosure of Sustainability-related Financial Information and International Financial Reporting Standards S2 Climate-related Disclosures in December 2024. What is needed to support UK businesses in meeting new requirements was discussed, looking at how international voluntary standards might complement mandated obligations, implications for investor and market confidence, and next steps for understanding how environmental, social and governance data can support multiple disclosure requirements.

Sessions explored how UK Sustainability Reporting Standards might interact with international approaches to corporate reporting and the risks of divergence from Europe, as the EU Commission seeks to reduce the administrative burden on businesses by simplifying sustainability reporting requirements.

Assurance
Delegates also considered how assurance of sustainability-related disclosures can be strengthened, following publication of the Financial Reporting Council’s final report in February 2025 highlighting concerns around quality consistency. With the Government currently consulting on developing an oversight regime for assurance of sustainability-related financial disclosures, attendees assessed how a registration regime might work in practice and required criteria for a profession agnostic category of sustainability assurance providers. The potential for establishing a policy framework was discussed, including what oversight structures may be needed to provide clarity for providers, reporters, and investors, as well as priorities for setting standards as the Financial Reporting Council consults on the introduction of a UK version of International Standard on Sustainability Assurance 5000.

Simplifying the reporting regime
Sessions in the agenda also explored what a simpler reporting regime will mean in practice, including the impact of updated thresholds and new exemptions under the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024.

Opportunities to evolve the non-financial reporting framework was assessed, including addressing the growing need for reporting against cyber risk, the role of company boards and directors, and priorities for streamlining data collection. Discussion also centred on preparations for transitioning to the Audit, Reporting and Governance Authority, as well as the potential for the draft Audit Reform and Corporate Governance Bill to bring further legislative change to the reporting framework.

ESG ratings providers
Proposals for environmental, social and governance ratings regulation were also looked at, with HM Treasury having laid secondary legislation in June 2025 before the Financial Conduct Authority consults on finalising regulatory standards. Delegates assessed how the regime can promote transparency and good governance, with discussion on priorities for managing conflicts of interest, and the way forward for providers in demonstrating compliance.

We also expected a focus on the broader role of non-financial reporting in supporting the UK’s strategic objectives, including alignment with international standards, implications of digital reporting, and evolving definitions of social value.

Overall, areas for discussion include:

• corporate reporting reform: changes under 2024 regulations, including updated thresholds and new exemptions for medium-sized companies
• UK Sustainability Reporting Standards: progress on the UK Sustainability Reporting Standards consultation and its relationship with global standards such as International Financial Reporting Standards S1 and S2
• regulation of environmental, social and governance ratings: Financial Conduct Authority’s proposals for a new regime, including scope, transparency, and proportional treatment of smaller providers
• sustainability assurance: market readiness, gaps in capacity, and the case for a clear assurance policy framework
• transparency and accountability: achieving robust disclosures when exemptions apply, and maintaining confidence in governance and oversight
• digital and future-focused reporting: the potential of virtual annual general meetings, digital formats, and new ways to define and report on social value
• international alignment and competitiveness: how UK frameworks interact with global standards, and the risks of divergence from the EU
• non-financial reporting in economic strategy: supporting sustainable growth and investment through effective reporting

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include parliamentary pass-holders from the House of Commons and officials from the Department for Environment, Food and Rural Affairs; Department for Energy Security and Net Zero; Department for Business and Trade; HM Treasury; Department for the Economy, NI; Ministry of Housing, Communities and Local Government; Department for Communities, NI; Department of Agriculture, Environment and Rural Affairs, NI; National Audit Office; Northern Ireland Audit Office; Isle of Man Government; Government Legal Department; and the Home Office.

This conference focused on next steps for the UK insurance sector, examining priorities for long-term growth, resilience and regulatory reform.

With insurance identified as a priority sector in the Financial Services Growth and Competitiveness Strategy and the Chancellor announcing a new competitive framework for captive insurance in her Mansion House speech in July, it was an opportunity to consider how policy and supervisory frameworks can evolve to drive growth and investment, and the way forward for supporting business, policyholders, and the wider ecosystem in managing risk.

Captive insurance
Next steps for developing a new captive insurance market in the UK was assessed - as the Prudential Regulation Authority aims to consult on new rules in 2026 - including how UK businesses can be provided with greater risk management options, by setting up a wholly-owned vehicle to insure complex or hard-to-cover risks internally. Delegates discussed the way forward for enabling a wider range of firms to establish captives, including options for implementing lower capital and reporting requirements to facilitate faster authorisation. The potential role of protected cell companies in supporting a captive insurance market was also discussed, as the Government consults on changes to Risk Transformation Regulations.

Regulatory reform
Looking at proposals to expand the UK’s Insurance Linked Securities framework, the agenda brought out latest thinking on enabling more efficient access to capital markets for both insurers and non-insurers. It was also an opportunity to discuss plans for the PRA to be given more flexibility to set appropriate funding rules, next steps for allowing non-insurance entities to sponsor Insurance Linked Securities transactions, and implications of changes for investor confidence, market growth, and the UK’s broader financial services strategy.

With the Financial Conduct Authority expected to publish a policy statement on simplifying conduct rules for commercial insurance by the end of 2025, discussion also focused on evolving expectations around conduct and transparency, alongside priorities for maintaining consumer protection standards. Options for streamlining regulatory obligations for brokers and insurers were assessed, as well as the impact of proposed changes on disclosure requirements, fair value assessments, and distribution chain oversight. The PRA’s proposed changes to regulation of third‑country insurance branches in the UK were also discussed, including stakeholder perspectives on how updated rules could provide further clarity for firms.  

Sessions also considered implications of the Economic Crime and Corporate Transparency Act 2023 for the sector. Areas for discussion included concerns around the cumulative burden of compliance, particularly for smaller firms, and options for simplification and consideration of proportionality to help address operational and resourcing pressures without undermining regulatory standards.

Consumer protection
In light of ongoing efforts to embed the Consumer Duty, sessions discussed priorities for the Financial Conduct Authority’s studies on the Pure Protection and Premium Finance markets, focusing on issues such as pricing practices, product value and distribution models, in the context of rising costs of motor and home insurance. Recommendations in the Financial Conduct Authority’s Roadmap for retail insurance were also assessed.

Discussion considered how transparency and fairness in pricing can be improved, particularly in response to ongoing concerns around affordability, and how these objectives can be achieved without narrowing access to cover or restricting innovation. Attendees also considered the way forward for balancing strong consumer protection with market innovation and economic growth.

Sector resilience
Further sessions examined the implementation of the Solvency UK regime and how the new framework is supporting investment and competition in the sector, as well as wider work of the Prudential Regulation Authority on resilience, including expected outcomes from the 2025 Life Insurance Stress Test. Delegates assessed how firms are managing pressures around model validation and capital requirements, and what further support or flexibility may be needed where time and resource constraints are limiting internal capacity.

Priorities for embedding operational and cyber resilience for firms were discussed, looking at best practice in third-party risk management, incident response frameworks, and demonstrable tolerance across critical business services.

Investment and economic growth
With the Prudential Regulation Authority consulting on a Matching Adjustment Investment Accelerator, the agenda also included discussion on the development of a new framework for increasing the ability of insurance firms to invest in new assets and how this might drive economic growth in the sector.

Artificial intelligence and innovation
Attendees also considered the future direction of regulation in supporting innovation and workforce transformation, including how regulatory sandboxes can accelerate technology adoption to support underwriting, pricing accuracy, and fraud detection. Discussion focused on how regulatory approaches to artificial intelligence and automated decision-making could provide greater clarity around data use, and effectively support fairness in decision-making, and maintain public trust as the technology becomes more embedded in core services.

Workforce development
Further sessions discussed support needed for the development of the insurance workforce, including skills and culture to ensure long-term resilience and sustainability. We expected discussion to consider implications of how perceptions of the sector - including ethical concerns and a lack of visibility of career opportunities - may be limiting its ability to attract and retain talent, and how these might be addressed through workforce development strategies and investment in skills.

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include officials from HM Treasury; the Department for Business and Trade; Department of Finance, NI; UK Space Agency; and the Home Office.

This conference examined next steps for consumer protection and standards in financial services for UK retail.

It brought together stakeholders and policymakers to consider the way forward against the backdrop of policy focus on refining the application of the Consumer Duty and streamlining financial services regulation. With the Financial Conduct Authority recently announcing plans to review the scope of the Consumer Duty and consult on changes in early 2026, delegates assessed next steps for reforming the regime, including how meaningful support for consumer outcomes and market confidence can be achieved.

Streamlining the Consumer Duty
Delegates assessed priorities for improving the efficiency of the Duty, including promoting responsible innovation and sustainable growth, as well as key considerations for safeguarding consumer protection and customer decision-making. The proportionality of requirements was discussed, including how regulatory burdens on firms can be simplified amid industry calls for clarity - particularly in the context of businesses with non-UK clients - as well as the Duty’s core definitions and how it applies across distribution chains.

With the FCA setting out a four-point action plan to remove disproportionate burdens on wholesale firms, attendees examined how the Duty’s supervisory approach can be clarified to reduce compliance costs, priorities for updating the client categorisation framework, and how potential government intervention in legislative exemptions in the Financial Promotion Order might support this work.

Further regulatory reform
Areas for discussion included the Government’s consultation on reforming the Consumer Credit Act 1974, and assessing the proposed approach to bring deferred payment credit lending, Buy Now Pay Later, into regulation. Delegates assessed priorities for the new regime, including its ability to enable firms to compete on transparency, simplicity, and customer experience, as well as implications for consumers and future innovation. Attendees also considered sector-specific approaches, including the Financial Conduct Authority’s recently published Policy Statement: Mortgage Rule Review, particularly around affordability assessments and enabling consumers to switch more easily between products, as well as recent consultations on simplifying insurance rules.

Targeted support and simplified advice
The agenda also examined the ongoing Advice Guidance Boundary Review and its potential implications for targeted support and simplified guidance, particularly in pensions and investments. We expected discussion on progressing the readiness of firms to apply data-driven improvements and adapting governance systems to meet the expectations of a streamlined regulatory regime.

Financial inclusion
Delegates also considered the forthcoming Financial Inclusion Strategy and its alignment with broader regulatory priorities. Attendees considered latest thinking on approaches to improving access to affordable credit, banking, and insurance services, particularly for excluded and underserved groups. Frameworks for coordination between government and the financial sector were also discussed, looking at delivery of practical interventions, such as support for community finance initiatives and the development of alternative insurance models.

Further sessions assessed implications of data on regional inequalities and customer vulnerabilities - informed by the Financial Conduct Authority’s recently published Financial Lives 2024 survey - with discussion on wider implications for enhancing financial resilience and promoting equitable economic participation.

Redress frameworks
Modernising redress frameworks were also discussed, including recent proposals by the Financial Conduct Authority and Financial Ombudsman Service to reform dispute resolution rules, such as extending company response times and introducing fees for mass complaints by claims management companies. Delegates also examined proposals to reform the legislative framework in which the Financial Ombudsman operates, including the impact on dispute resolution services and outcomes for consumers.

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include officials from the Department for Energy Security and Net Zero; HM Treasury; and Competition and Markets Authority.

This conference considered next steps for UK start-ups policy.

It brought together key stakeholders and policymakers to assess the Government’s recently announced Small Business Strategy, looking at the way forward for reducing barriers for start‑ups and other small and medium-sized enterprises, improving growth prospects and productivity, and supporting innovation and competitiveness. 

Sessions in the agenda examined the way forward for improving access to finance, supporting adoption of digital technologies, fostering job creation, and developing regulation to better serve the needs of small and high-growth businesses. The role of new initiatives such as British Business Bank Industrial Strategy Growth Capital, the British Growth Fund, the Green Growth Guarantee Scheme, and proposed Business Growth Service were alsoconsidered.

The discussion took place in the wider context of:

• Industrial Strategy, with increased funding through the British Business Bank to support small business and innovation across growth-driving sectors identified by the Government, alongside expansion of the Office for Investment
• measures in the Chancellor’s Spring Statement and Spending Review 2025, including productivity programmes for small and medium-sized enterprises, new skills funding, and increased British Business Bank funding for start‑ups and scale‑ups
• recommendations for accelerating technology uptake among smaller firms in the Small and Medium-Sized Enterprises Digital Adoption Taskforce: Final Report, published in July 2025
• the Department for Business and Trade’s ongoing consultation on Small Business Access to Finance

Small Business Strategy
Delegates considered priorities of the Small Business Strategy, including plans to eliminate late payments costing the UK economy £11bn annually, to cut administrative costs for regulation, tax and customs processes, and to support transitions to net zero. Discussion focused on plans to unlock access to finance through expanded start-up loans, further funding support for the British Business Bank and ENABLE programmes, and how domestic and international markets might be opened up for small and medium-sized enterprises.

Attendees considered priorities for different types of businesses, looking at tensions between central government and devolved policy, and approaches to aligning with local and national growth initiatives such as the wider Industrial Strategy.

Plans for unlocking business skills through apprenticeships and T-levels were discussed, as well as options for supporting smaller companies to adopt innovative technologies, and what is needed from the wider tax and regulatory environment to promote growth and productivity.    

Regulation
Sessions discussed the role of regulation in supporting start-ups, looking at next steps for promoting competition in incumbent industries and how regulation might be balanced with sector growth, particularly in the context of the implementation of the Digital Markets, Competition and Consumers Act 2024. Delegates looked at establishing clarity and consistency across the Financial Conduct Authority, Competition and Markets Authority and Regulatory Innovation Office frameworks and how regulation can foster investor confidence and encourage innovation, considering concerns around inconsistent requirements delaying product launches or deterring investment.

Access to finance, capital markets and listing reform
Sessions considered practical steps for making it easier for start-ups to access capital at each stage of growth, with the Government committing to reforming and streamlining UK Research and Innovation funding routes as part of the Digital and Technologies Sector Plan. 

With the British Business Bank’s total financial capacity increased to £25.6bn in the Spending Review 2025, attendees examined the way forward for distribution of start-up loans and support needed for small businesses in reaching equity deals and raising venture capital. The role of the British Business Bank and private finance in easing barriers for businesses was discussed, as well as opportunities following announcement of an additional £500m going towards supporting underrepresented investors, and strategies for tackling regional imbalances in funding.

It was also an opportunity to examine ways in which the UK’s financial ecosystem - including new listing platforms such as Private Intermittent Securities and Capital Exchange System - can better serve innovative companies, looking at concerns around proposed changes. Discussion was also expected on utilising incentives for UK start-ups and scale-up firms to list onshore.

Business support, procurement and public sector access
Delegates examined the evolving role of digital tools in business support and the case for more integrated infrastructure to help scale-up firms, as well as how the proposed Business Growth Service might work in streamlining access to funding opportunities, export support, and reducing fragmentation.

Delegates also assessed early indications from the Procurement Act 2023, which came into force in February 2025, examining its impact on market competition, access to public contracts, and on procurement processes. We expected discussion to also centre on potential mitigations for new processes favouring established suppliers, looking at options for reform - including in defence - to enhance access to public contracts.

Regional growth
Discussion considered how new policies can support fair and balanced growth across the UK, looking at how regional funding programmes such as Northern Powerhouse Investment Fund II are being used, and how public sector contracts can better support start-up innovation. Strategies for managing risk and maintaining accountability in how start-ups are supported were examined, as well as focusing on methods of working between regulators, industry, and support organisations that can best help businesses grow in a fast-changing, digital economy.

Innovation
Enhancing entrepreneur productivity through adopting digital technologies was also discussed, as well as how recommendations in the Small and Medium-Sized Enterprises Digital Adoption Taskforce: Final Report might be implemented, such as e-invoicing standards and development of accessible artificial intelligence-powered support tools. Discussion looked at lessons learned from pilot schemes, as well as whether early-stage firms have enough access to technical support for growth, and ways forward for expanding access.

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include officials from the Department for Energy Security and Net Zero; Department for Business and Trade; Department for Science, Innovation and Technology; Ministry of Housing, Communities and Local Government; Department for Transport; Foreign, Commonwealth & Development Office; Department of Agriculture, Environment and Rural Affairs, NI; Department for the Economy, NI; Competition and Markets Authority; Intellectual Property Office; National Wealth Fund; and the Welsh Government.

This conference examined the future direction of mortgage policy and regulation in England, and practical next steps for improving access, affordability, and consumer protection, alongside addressing priorities for lenders and developers, and supporting a more resilient, innovative and transparent market.

Regulatory reform, oversight and the housing market
It was an opportunity for key stakeholders and policymakers to discuss priorities for regulatory reform and oversight, including the Financial Conduct Authority’s Mortgage Rule Review consultation and its recently published policy statement First steps to simplify our rules and increase flexibility, as well as related amendments to the Prudential Regulation Authority’s Rulebook affecting lending thresholds based on income.

Attendees considered proposals around the treatment of higher income-multiple borrowing, simplified rules for switching and non-advised mortgages, and rebalancing responsible lending requirements. Discussion focused on the coordination of these proposals with obligations under the Consumer Duty, and how developments in innovation and automation could affect affordability assessments, borrower engagement, and the responsibilities placed on lenders. Sessions also explored how open finance, analytics, and artificial intelligence-powered decision-making might influence underwriting and regulatory responsibilities.

Wider government policy and housing access
Further sessions discussed wider government policy developments, including the transition of the Mortgage Guarantee Scheme to a permanent UK-wide arrangement, and the introduction of the new Affordable Homes Programme. Delegates considered the prospects of these policies in expanding access to high loan-to-value lending, including the removal of income-based borrowing caps and adjustments to affordability thresholds.

Areas for discussion included concerns about their potential contribution to house price inflation, household debt, and wider market stability, particularly affecting borrowers such as first-time buyers and those with non-traditional income. Delegates discussed how affordability models might be adapted by lenders and regulators, and what support might be needed for borrowers under changing market conditions. There was discussion on how potential risks for borrowers and lenders might be mitigated in a changing economic environment, including the influence of recent interest rate cuts, inflation, and government spending decisions.

Discussion looked at the interaction between mortgage markets and net zero targets, including the role of green mortgages and energy efficiency standards in future lending strategies, and how sustainability requirements may affect affordability and investment.

Affordability, access and leasehold reform
Delegates examined latest thinking on how persistent barriers to home-ownership might be addressed, particularly for first-time buyers and those on irregular incomes, as well as implications of regional disparities in affordability and access. Further discussion assessed the effect of planning reform and housing delivery constraints on the operation of the mortgage market, looking at supply shortages, perceptions of the financial viability of new housing development for developers and investors, and how proposals in the Renters’ Rights Bill are affecting confidence among lenders and property investors.

The conference also considered long-standing concerns about the leasehold system and rising charges, with discussion on the latest developments on cladding remediation, unsellable properties, and future directions for leasehold reform. We expected issues raised by stakeholders around mortgage prisoners and the resale implications of problematic leaseholds to also be explored.

Technology and transaction efficiency
Looking at innovation, attendees assessed developments in digitalisation and the use of smart data and artificial intelligence in affordability assessments and transaction processes, examining both priorities for artificial intelligence governance and how digitisation could support innovation and consumer protection in home-buying. Sessions also considered issues around the reliability and speed of completions, and reducing transaction failure rates, particularly through improved coordination across conveyancers, lenders, and estate agents.

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates.

This conference examined policy developments and next steps for pension funds in the UK. It was an opportunity to discuss new legislation, regulatory reform and market consolidation, against the backdrop of aims for increasing the contribution of pensions investment to national economic growth.

Legislative reform, investment and economic growth
Stakeholders and policymakers assessed outcomes of the Pensions Investment Review, with the final report on Phase 1 published in May 2025. Discussion assessed priorities for Phase 2 on pensions adequacy, as well as key considerations for the Pension Schemes Bill, as it begins its passage through Parliament.

The conference also examined how these developments align with broader investment and growth-related policy goals outlined in the Mansion House 2024 agenda and the UK's Industrial Strategy, as well as the recent Mansion House Accord pledge from seventeen workplace pension providers to invest £50bn in UK assets. We also expected discussion on the potential impact of government-directed investment on pension funds’ fiduciary duties and market dynamics, and strategic considerations for economic objectives being advanced at the same time as maximising saver returns.

Pension Schemes Bill
It was an opportunity to assess proposed provisions in the Bill that introduce new duties on trustees of Defined Contribution schemes, as well as changes to Defined Benefit and Local Government Pension Schemes (LGPS). Delegates assessed priorities for the design and implementation of a legislative framework for commercial DB superfunds, how a Value for Money framework for DC scheme trustees might be established, and next steps for compliance with asset pooling requirements on LGPS administering authorities. Concerns around the addition of a backstop power to set binding asset allocation targets, including the potential impact on saver outcomes, were also discussed.

Delegates considered strategies for developing and implementing effective technical solutions for pot-matching and fund transfers, as well as priorities for reducing administrative burdens and complexity for smaller schemes, and options for simplifying disclosures. Further areas for discussion included implications of minimum fund sizes for new market entrants, and possible knock-on effects on competition and innovation.

Consolidation, growth and investment priorities
Delegates also looked at the impact on investment of consolidation of DC schemes and the LGPS and prospects for facilitating growth in UK firms whilst providing security and returns for savers. We also expected discussion on how pension fund investments can be encouraged through the National Wealth Fund and British Growth Partnership, with the British Business Bank’s financial capacity increased to £25.6bn in the 2025 Spending Review. 

Small pension pots and data infrastructure
Sessions focused on what is needed to achieve consolidation of small pension pots, with the Government’s preferred solution of a multiple default consolidator announced in April 2025. Delegates assessed priorities for the creation of a Small Pots Data Platform, those within scope, how a transfer system might function, and authorisation criteria for consolidators. 

Innovation in retirement savings
The agenda brought out latest thinking and priorities for encouraging innovation in how pension savings are accessed in retirement, including the way forward for new regulations to allow for multiple employer Collective Defined Contributions, announced by DWP in April 2025. Delegates examined issues around transparency of valuations and how fair outcomes can be achieved across the range of consumers, alongside support needed for employers and individuals in understanding potential risks, and regulatory flexibility for multiple-employer CDC.

Governance, sustainability and ESG
Further discussion considered next steps for fund governance, stability and sustainable investment in light of the evolving ESG agenda.

Stakeholders and policymakers discussed implications of the new Task Force on Climate-related Financial Disclosures and new obligations under the Pension Schemes Act 2021, including fiduciary responsibilities on climate risk, ongoing work on ESG aspects of a revised FRC stewardship code, and alternative approaches to finance sustainable investment products in line with recommendations in the 2024 Transition Finance Market Review.

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include parliamentary pass-holders from the House of Commons and officials from DWP; Defra; DBT; DfC, NI; DESNZ; DHSC; HMRC; GLD; NAO; Department for the Economy, NI; OfI; and The Scottish Government.

This conference focused on next steps for public procurement reform in England, Wales and Northern Ireland.

It was an opportunity for stakeholders and policymakers to assess priorities emerging from early implementation of the Procurement Act 2023, following it coming into effect in February 2025, including strategies for the effective operation of flexible tendering procedures, impact on contract competition and SMEs, and the way forward for developing capacity to provide more consistent feedback to suppliers. 

Delegates assessed requirements on public bodies and suppliers, support needed in adapting to the new rules, and priorities for integrating top-level goals set out in the recently published National Procurement Policy Statement (NPPS).

Sessions in the agenda considered how effectively the new legislation can support widened competition for contracts, greater transparency and simplicity for bidders, and improved oversight and evaluation of procurement processes.

With a focus on implications of the new framework, delegates assessed issues that might need to be addressed for councils, public bodies and suppliers, including SMEs. Areas for discussion included concerns around value for money, digital procurement, procurement fraud, and the integration of social value and employment rights into procurement processes.

Delegates considered latest thinking on strategies for achieving cross-system skills adequacy around contract tendering and management from both buyers and suppliers, as well as assessing support offered by the Government through initiatives such as the Transforming Public Procurement programme.

Sessions explored priorities for the new Procurement Review Unit and its three services: the Public Procurement Review Service, the Procurement Compliance Service and the Debarment Review Service. We also expected discussion on enhancing transparency and the role of the new Central Digital Platform, and next steps for addressing procurement fraud and anti-competitive practices, including the work of the Competition and Markets Authority.

The agenda also examined the role of the NPPS, which sets out five top-level public procurement priorities and outlines how the Procurement Act can align with government missions and wider national policy objectives, such as net zero and economic growth, alongside the establishment of the new Office for Value for Money, and new targets to reduce the number of external consultants and bring more private expertise into government departments.

Areas for discussion included leveraging public procurement to support priority sectors within the new Industrial Strategy, using public procurement to shape new AI markets in line with the AI Opportunities Action Plan, commitments in both the Plan to Make Work Pay and the Employment Rights Bill, and potential implications of the recently published English Devolution White Paper.

We are pleased to have been able to include keynote sessions with: Lindsay Maguire, Deputy Director for the Implementation of Procurement Reform, Cabinet Office; Deborah Wilkie, Director, Competition Enforcement, CMA; Peter Schofield, Head, Integrated Commissioning and Procurement, Manchester City Council; Katharine Sutton, Chief Executive, Aspire Community Works; Guy Battle, CEO, Social Value Portal; and Jared Wright, Senior Analyst, Government Innovation, Tony Blair Institute for Global Change.

Overall, areas for discussion included:

• implementation: early indications following the Procurement Act 2023 going live - assessing implications for public bodies - impacts on procurement processes - compliance issues
• value for money: simplifying procurement processes - leveraging the Central Digital Platform - best practice in digital procurement and digitalising public services - improving oversight mechanisms - role of the Office for Value for Money
• skills development: strategies for enhancing procurement capabilities - promoting best practice - support from government initiatives
• social value: integration into procurement - contractual obligations and challenges - impact on employment standards - implications of the Employment Rights Bill
• modern slavery: tackling slavery and human trafficking in supply chains - implications of NHS Procurement Regulations 2024 - strategies for ethical best practice
• SMEs: addressing barriers for small businesses - growing procurement spend on SME goods and services - options for flexible tendering procedures - fair payment practices
• procurement fraud: vulnerabilities to anti-competitive behaviour - role of CMA and Public Sector Fraud Authority - opportunities for AI and new technology in countering fraud
• procurement models: assessing insourcing and outsourcing - lessons from prominent business collapses - impacts on public service delivery
• national policy: examining the NPPS top-level objectives - integrating procurement with government objectives - alignment with net zero and economic growth
• industrial strategy: leveraging procurement to support priority areas and boost growth sectors - alignment with Invest 2035 and the AI Opportunities Action Plan - linking procurement to industrial missions

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include officials from Dstl; Defra; DESNZ; DBT; DHSC; DSIT; DfT; DAERA, NI; MHCLG; DfI, NI; DWP; HMRC; DoF, NI; WRA; IPO; CCS; CMA; GLSS; HSE; Isle of Man Government; the Welsh Government; and The Scottish Government.

This conference discussed next steps for development of the UK transition finance market following the Transition Finance Market Review, looking at priorities for policy, regulation, and market growth.

It was an opportunity for key stakeholders and policymakers to discuss the way forward in the context of sustainable finance measures set out in the Chancellor’s November Mansion House speech, including the recently closed consultation on a statutory UK Green Taxonomy, launch of the Transition Finance Council, and intentions to consult on mandatory transition plans in the first half of 2025.

Transition Finance Market Review (TFMR)
Delegates discussed priorities for taking forward recommendations outlined in the TFMR and priorities for the Transition Finance Council in facilitating collaboration between public and private sectors, as well as supporting the scalability of finance for transition activities and transitioning entities. Tackling barriers to investment was also discussed, as well as the role of blended finance, catalytic capital, green bonds, and insurance solutions in supporting an incentive-based approach to achieving net zero ambitions.

The conference was also an opportunity to assess strategies for developing capabilities for high-emitting sectors and addressing capacity-building needs, as well as the way forward for a sectoral approach to transition pathways and the role of the Net Zero Council in delivery.

Transition plans
Discussion focused on key considerations for a transition finance roadmap, including the future for mandatory transition plans and disclosure reporting, with a government consultation expected in 2025. It was an opportunity to consider the potential for transition plan frameworks at corporate, sectoral and national levels, as well as key considerations for incorporating nature and biodiversity.

Delegates also assessed concerns around regulatory overlap and interoperability with international frameworks. Support needed for stakeholders operating in different jurisdictions will be considered, with the European Commission expected to consult on draft Transition Plan Implementation Guidance in spring 2025.

Regulation
Attendees considered developments in the regulation of transition finance that are due to be brought into force later this year, including the ESG ratings regime, alongside the implementation of UK Sustainability Reporting Standards. Delegates assessed implications and best practice for rating providers, and for companies as they prepare for reporting under the new requirements.

The evolving role of the Financial Conduct Authority in overseeing transition finance-related disclosures and addressing greenwashing risks was explored, alongside potential coordination challenges between domestic and international regulatory frameworks. Areas for discussion included how regulatory development can best balance the need for increased transparency, with concerns over reporting burdens and potential impact on investment flows.

UK Green Taxonomy
Further discussion assessed the potential value of a UK Green Taxonomy and its necessity, given existing national and international frameworks.

We expected discussion on how a UK-specific taxonomy might be structured to provide added clarity and drive investment, and whether existing international frameworks, such as the EU Green Taxonomy, suffice whilst avoiding additional complexity and costs. Alternative approaches were also discussed, including enhancing non-binding industry guidance, as well as adopting a principles-based regulatory approach to allow for greater adaptability in defining transition activities while maintaining investor confidence.

Industrial Strategy
Areas for discussion also included alignment of sustainable finance developments with wider policy aims, including in the Industrial Strategy Green Paper, with the Government having recently consulted on the Financial Services Growth and Competitiveness Strategy, setting out measures to facilitate private investment in transition finance and improve the UK's position as a global hub for sustainable financial services. Delegates also assessed the Statement of Strategic Priorities to the National Wealth Fund and what is needed if investment is to advance net zero ambitions and drive economic growth.

We are pleased to have been able to include keynote sessions with: Vanessa Havard-Williams, Chair, Transition Finance Market Review (2023-24); and Chair, Export Guarantees Advisory Council; Ingrid Holmes, Executive Director, Green Finance Institute; Ashleigh Lee, Secretariat Lead, Transition Finance Council; and Senior Policy Advisor, Sustainable Finance, City of London Corporation; and Ying-Peng Chin, Senior Knowledge Lawyer, A&O Shearman.

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include officials from Defra; DESNZ; DAERA, NI; DfT; MHCLG; DBT; HM Treasury; Department for the Economy, NI; NAO; OEP; Isle of Man Government; DfC, NI; MOD; the Welsh Government; and The Scottish Government.

The conference focused on the way forward for UK policy and regulation for AI in financial services.

Stakeholders and policymakers assessed how best to harness AI’s potential to drive growth, improve productivity and expand access to innovative financial services, whilst managing potential risks, data concerns, public trust issues and uncertainties around impact. The conference came as the Treasury Select Committee launches an inquiry into AI in financial services, including how UK financial services can take advantage of the opportunities offered by AI whilst also mitigating the potential risks.

Policy and regulation
Areas for discussion included implications for targeted policy support of the development of the Financial Services Growth and Competitiveness Strategy and the AI Opportunities Action Plan, as well as how barriers to the uptake of transformative technology can be addressed.

Customised approaches to policy and regulation for varying applications were discussed, including investment management, counter-fraud and insurance, and improving back-office productivity. Delegates considered developments and options for supporting the use of AI to stimulate innovation and competition, particularly through FinTechs and new market entrants.

Innovation
Attendees assessed initiatives for supporting innovation such as FCA sandboxes, the Digital Regulation Cooperation Forum’s AI and Digital Hub, and the Bank of England’s Artificial Intelligence Consortium. They looked at the future landscape for products and services, and the interaction of AI with wider advances in technology, including quantum and blockchain.

Managing risks
A further focus for the conference was the future for managing risks while fostering innovation. Delegates discussed implications of the Government’s growth-focused mandates for regulators, and strategic options for enabling regulatory approaches to remain fit for purpose, looking at how UK legislation and regulatory frameworks might need to evolve to effectively respond to challenges in areas such as service levels, fairness, security, safeguards and liabilities.

International comparisons
We expected discussion comparing the UK’s outcomes-based and technology-neutral regulatory framework with approaches in other jurisdictions. Legislative implications for AI in financial services were assessed, including the Data (Use and Access) Bill, and whether reforms to the UK Corporate Governance Code or the Senior Management Certification Regime are necessary, including the potential need for AI risk committees and AI senior responsible owners.

Transitional risks
We also expected the agenda to bring out latest thinking on transition risks related to the use of AI, particularly its impact on traditional financial services jobs, as well as the evolving public perspectives on the acceptable use of AI in financial services.

We are pleased to have been able to include keynote sessions with: Ian Phoenix, Director, Intelligence and Digital, Financial Conduct Authority, Prof Pinar Ozcan, Entrepreneurship and Innovation, Said Business School, University of Oxford; and Rajnish Kumar, Head, Investment Technology and AI, Investment Platform, Allianz Global Investors.

Overall, areas for discussion included:

• policy:
  
  • assessing recent developments and implications for AI in financial services - key considerations for legislative and regulatory frameworks going forward
  • the Financial Services Growth and Competitiveness Strategy - AI Opportunities Action Plan - Data (Use and Access) Bill - industrial strategy and further emerging policies - emerging themes from the Treasury Select Committee inquiry
• sector growth: data readiness - priorities for adequacy and interoperability - potential role of planning reforms and new devolution arrangements in supporting local growth
• regulation: evaluating current mandates of BoE, FCA and PRA - clarity for stakeholders - considering dedicated AI oversight - assessing growth-focused objectives and competition reforms
• risk mitigation: anticipating macroprudential pressures on financial stability - roles of regulatory sandboxes and consortia - addressing risks of fraud, data breaches and AI hallucinations
• support for innovation: fostering diverse market entry - developing corporate governance to address AI risks - exploring quantum and blockchain integration
• workforce development: identifying skill gaps and training needs - fostering responsible innovation cultures - supporting redeployment in response to automation
• public trust: addressing consumer scepticism towards AI-driven services - balancing automation with human interaction - ensuring transparency and accountability in decision-making
• sector attitudes: clarity on future potential - appraising productivity claims - identifying killer apps and new use-cases - current technological limitations - developing strategic adoption paths

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those that attended include officials from DBT; GLD; Dstl; HMRC; HM Treasury; Home Office; NCSC; Department for the Economy, NI; and The Scottish Government.

This conference discussed next steps for UK payments policy, regulation and market development.

It was an opportunity for stakeholders and policymakers to assess the way forward for development and growth of the UK payments services sector. They assessed what will be needed from government, regulation and industry if the National Payments Vision (NPV) is to be implemented smoothly and achieve its aims for innovation, competition and consumer protection. The agenda included a focus on the way forward for upgrading retail payments infrastructure, priorities for unlocking open banking benefits, and strategies for developing a coordinated approach to regulation that minimises overlap.

Payments Vision Delivery Committee (PVDC)
Sessions discussed implementation of the NPV, including priorities for the PVDC in facilitating regulatory coordination and alignment, as well as the role of the Vision Engagement Group and next steps for incorporating industry perspectives if innovation and sector growth are to be achieved.  

Open banking
The conference was an opportunity to assess the way forward for developing a commercially sustainable model for open banking, including priorities for the Interim Entity in achieving a smooth pathway to effective structuring and governance. Delegates considered next steps for commercial variable recurring payments, including strategies for use case expansion, and opportunities and challenges for open banking journeys in e-commerce.

Payments infrastructure
Future needs of the UK’s retail payments infrastructure were also discussed, with the PVDC due to publish an approach to governance and funding, alongside proposals for reforming Pay.UK by the end of Q2 2025. Sessions assessed priorities for upgrading the Faster Payments System to support innovation, as well as clarity needed for payment service providers and investors.

Regulation and growth
We also expected the agenda to bring out latest thinking on strengthening regulation, reducing complexity for businesses, and improving coordination between regulators on new growth objectives, with the Government set to abolish the Payment Systems Regulator and consolidate it into the Financial Conduct Authority.  

Delegates assessed the role of the payments sector in delivering wider economic growth in the context of the Financial Services Growth and Competitiveness Strategy and government policy on infrastructure and skills. Effectively balancing between growth and risk will be discussed, including regulatory considerations for facilitating further innovation in the payments ecosystem.

Consumer protection
It was also an opportunity to consider strategies for strengthening consumer protection, including the way forward for tackling push payment fraud, reform to the strong customer authentication regime, and the role of effective digital ID, with the Data (Use and Access) Bill currently progressing through Parliament.

Innovation
Further sessions focused on payment innovation and new forms of digital money, including latest developments in the design phase of the digital pound and potential benefits of central bank digital currencies, the use of Stablecoins in payment, and the role of new financial market infrastructures, such as a Regulated Liability Network.

We are pleased to have been able to include keynote sessions with: Joe Garner, Chair, Future of Payments Review; and UK Government Advisor, National Payments Vision; Dan Moore, Head, Strategy, Analysis and Engagement, Payment Systems Regulator; Ali Moussavi, Head, Payments Strategy Unit, Bank of England; Andy White, CEO, Australian Payments Network; Tim Ensor-Clinch, Senior Vice President, Real Time Payments, Mastercard; John Mowat, Head, Strategic Policy, Pay.UK; and Nick Davey, Head, Strategy, Open Banking Limited.

Overall, areas for discussion included:

• the PVDC: priorities for implementing the NPV - terms of reference and timeframes - integrating industry views - progress since the previous review - next steps for government and regulators
• sector development: role within the Financial Services Growth and Competitiveness Strategy and broader Industrial Strategy - assessing available sector data - skills, regional and infrastructure
• regulation: FCA, BoE and PRS coordination - fostering growth whilst mitigating risk - benchmarking UK regulatory frameworks with other jurisdictions, such as the EU and US
• Open Banking and Open Finance: policy and development priorities - account-to-account payments - support for FinTechs, innovation, competition and market entry - widening use cases
• infrastructure: system upgrades - next steps for Bacs, Direct Debit, Faster Payments, and the Image Clearing System - Pay.UK and NPA reform - learning from international developments
• fraud: assessing industry-led and regulator initiatives - sector and telco collaboration - mandatory reimbursement scheme progress - new approaches - tackling emerging risks 
• innovation:
  
  • new applications and technology - next steps for a central bank digital currency - Stablecoin regulation
  • new financial market infrastructures such as Regulated Liability Networks - tokenisation, blockchain, DLT-related payments and the potential role of AI

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those who attended include officials from Dstl; DfC, NI HMRC; HM Treasury; and the Home Office.

This conference discussed priorities for the development of FinTech in the UK.

Stakeholders and policymakers examined practical steps moving forward to support continued growth and global leadership. It came with financial services being identified as a key sector in the Government’s Industrial Strategy and FinTech as a priority growth subsector in the Financial Services Growth & Competitiveness Strategy, due to be published next spring.

Sessions considered the direction of government policy within the evolving regulatory landscape, examining recommendations from the Unicorn Council for UK FinTech and the Mansion House announcements. Delegates discussed proposals for creating a more efficient regulatory environment, including suggestions to increase business asset disposal relief, abolish stamp duty, reform enterprise management incentives, and implement a VAT rebate scheme for early stage FinTech firms.

Further sessions focused on priorities for technological innovation and the use of AI in financial services, drawing on the Bank of England’s work and looking ahead to DSIT’s forthcoming Artificial Intelligence Opportunities Action Plan. Attendees discussed the recent multi-year R&D Missions Programme intended to tackle barriers to investment for the private and third sector, as well as approaches to regulating emerging technologies and AI to address potential harms, such as cyber-attacks or data breaches. The potential impact and implementation of measures outlined in the Data (Use and Access) Bill, including extensions to smart data schemes and digital verification, were also examined.

Delegates considered strategies for protecting consumers and businesses from FinTech-enabled fraud, reflecting on the CFIT’s convening of an industry coalition to explore digital verification options for combating financial crime, the FCA’s updated position on cryptoasset firm registration, and implications arising from UK fintech business failures. With the CMA’s Open Banking Roadmap now complete and HM Treasury’s National Payments Vision published, participants assessed priorities for open finance, the development of new products and services, frameworks for collaboration, and their potential effect on market competition.

In addition, the conference brought out the latest thinking on financial innovation in light of proposed Digital Securities Sandbox models and the potential for distributed ledger technology. Areas for discussion included how the FinTech sector might position itself to benefit from future initiatives, such as a National Wealth Fund, and examinined how to build a diverse, skilled workforce with strong financial and digital literacy. Efforts to ensure a wider range of perspectives, particularly at board level, and to close talent pipeline gaps was also discussed, supporting longer-term growth and resilience in the sector.

We are pleased to have been able to include keynote sessions with: Patrick Keenan, Head, FinTech Policy, HM Treasury; Jane Moore, Head, Payments and Digital Assets, FCA; Janine Hirt, Co-Chair, Unicorn Council for UK FinTech; Anna Lane, CEO, The Wisdom Council; Tim Levene, CEO, Augmentum Fintech; and Prof Markos Zachariadis, Greensill Chair, Financial Technology and Information Systems, Alliance Manchester Business School, University of Manchester.

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those that attended include officials from Dstl; DBT; HM Treasury; HMRC; DfT; Home Office; and The Scottish Government.

This conference discussed next steps for audit reform and corporate governance policy in the UK.

It took place as the Government prepares the draft Audit Reform and Corporate Governance Bill, which aims to launch the new Audit, Reporting and Governance Authority (ARGA) accounting regulator to replace the Financial Reporting Council. The conference brought stakeholders together with policymakers to consider the outlook for the audit market, implications for businesses and key priorities moving forward in the context of upcoming reform.

Delegates considered the scope and remit of ARGA, how to improve transparency in large companies and the accountability of directors, the effects of the updated UK Corporate Governance Code and the QCA Corporate Governance Code (2023) on stakeholders, the definition and role of public interest entities (PIEs), and protection against conflicts of interest. We also expected delegates to assess the new listing rules introduced by the FCA in July 2024 to support a wider range of companies to issue shares in the UK, looking at implications for corporate governance codes and transition arrangements, as well as implications of the new corporate criminal offence of failure to prevent fraud introduced under the Economic Crime and Corporate Transparency Act 2023.

Potential new requirements were considered, with discussion on independent assessment, strengthening risk controls and predictive risk management, and best practice for reporting. Sessions also brought out latest thinking on the handling of whistle-blowing, with data from regulators highlighting concerns over conduct and overall culture within financial services firms.

Further sessions examined key issues for audit reform, with discussion on priorities for ARGA, including minimising the risk of major company collapses, as well as the future for the audit market and supporting the UK’s reputation as an investment destination. We also expected discussion on the growing role of sustainability auditing and implications for the audit market.

Delegates also considered implications for financial reporting and governance of measures in the Budget, as well as the impact of the recently passed Budget Responsibility Act 2024, which aims to ensure that the Government’s major fiscal announcements are subjected to an independent assessment by the OBR.

Sessions also included discussion on latest developments and next steps for use of technology to advance risk management and tackle regulatory arbitrage. Further discussion looked at strengthening audit market resilience, including recommendations made by regulators in their inspections reports, and whether these are being implemented effectively.

We are pleased to have been able to include keynote sessions with: Matilda Curtis, Deputy Director, Audit Reform, DBT; Prof Luca Enriques, Professor, Corporate Law, University of Oxford; Gavin Hayes, Head, Policy and Public Affairs, CIIA; Paul Lee, Head, Stewardship and Sustainable Investment Strategy, Redington; and former Secretariat Member, Brydon Review of the Quality and Effectiveness of Audit; and Prof Peter Pope, Professor Emeritus in Accounting, LSE.

Overall, areas for discussion included:

• policy: assessing the new Government’s approach to corporate governance and scrutiny
• reform:
  
  • establishment of ARGA with expanded powers to investigate and sanction directors - priorities for set-up and operation - implications for audit quality and corporate governance
  • what is needed for the oversight authority to be effective in supporting governing bodies, employers and employees - relationships and collaboration with other institutions
• accountability: enhancing transparency in large companies - extending PIE status to major private companies - balancing regulatory requirements with operational flexibility for smaller entities
• risk and governance:
  
  • strengthening corporate governance frameworks - incorporation of predictive risk management and whistleblowing strategies
  • clarity on roles and responsibilities across the range of corporate entities - improving internal controls
• the audit market: oversight and supporting resilience - strategies to prevent conflicts of interest within audit firms - tackling variation in audit quality across sectors
• scrutiny: potential impact of the Budget Responsibility Act 2024 - priorities for the OBR moving forward - implications for corporate financial planning and forecasting
• reporting: integration of sustainability and wider ESG considerations - alignment of corporate governance with decarbonisation goals - addressing challenges in adapting to digital transformation - the sustainability assurance market
• regulation: FCA and PRA capacity post-inquiry - balancing growth and competitiveness objectives with robust regulatory frameworks - priorities for maintaining UK financial sector attractiveness
• corporate culture: assessing whistleblowing frameworks - improving corporate culture and ethical standards - potential legislative reforms to enhance whistleblower protections

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those that attended include officials from HM Treasury; HMRC; DfC, NI; DBT; DfE, NI; NAO; DoE, NI; ORR; and The Scottish Government.

This conference discussed next steps for developing and commercialising university spin-outs in the UK.

It was a timely opportunity for stakeholders and policymakers to assess latest thinking and best practice for driving the sector forward. Those attending considered priorities for the Government following the recent publication of the industrial strategy Green Paper Invest 2035 and its commitment to implement recommendations from the Independent review of university spin-outs published in November 2023. Recent evidence shows 44 universities have adopted the recommendation to reduce the amount of equity received from software-related ventures to between 10% to 25%, with stakes of 10% or less in spin-outs with less intensive IP.

Discussion was expected to draw on UKRI’s work on implementing the review, including the benefits of sharing best practice developed from TenU’s USIT guide, with a plan for Research England to publish further information to help enable implementation of these practices. Sessions also examined plans in Invest 2035: The UK’s Modern Industrial Strategy, focusing on supporting the contribution that spin-outs make to the UK economy - with £1.66bn raised in equity funding in 2023 - as well as encouraging more venture capital investment into spin-outs and high-growth firms via pension and investment funds, such as the British Business Bank’s new British Growth Partnership.

With over £20bn of R&D funding, with £6.1bn supporting core research recently announced in the Budget, areas for discussion included strategies to foster collaboration, improve data and share tech transfer function, as well as looking at findings from Research England’s forthcoming one-year stock take.

We are pleased to have been able to include keynote sessions with: Dr Alison Campbell, CEO, Government Office for Technology Transfer; Alice Frost, Director of Knowledge Exchange, Research England; Prof Chas Bountra, Pro-Vice Chancellor, Innovation, University of Oxford; Simon Hepworth, Director, Enterprise, Imperial College London; and Fenella Boyle, SVP, Supply Chain Intelligence, Exiger; and former CEO and Co-Founder, Versed AI.

Delegates considered the way forward for developing spin-outs after creation and the relationship between universities and companies in commercialising their research, as well as examining industry imperatives for sustaining funding through the scale-up stage of development and in the longer-term. They also considered how the UK can increase the geographic spread of successful spin-outs domestically beyond the south east and remain competitive internationally, including approaches for attracting overseas investment.

With the £40m in proof-of-concept funding and improvements to support commercialisation of cutting-edge research announced in the Budget, sessions were expected to consider the Russell Group’s recommendations for the Government, such as piloting and scaling-up the UKRI’s proof of concept spin-out fund, launching a ‘spark fund’ to invest in early-stage university spin-outs, increasing Higher Education Innovation Fund allocations, and promoting the UK’s research-intensive universities internationally.

The agenda also brought out latest thinking on addressing the decline in equity investment in UK spin-outs from the pandemic-related peaks in 2021-2022. The role of university-partner funds in attracting investment will be discussed, alongside government policies such as visa schemes, and their effect on international recruitment and its wider growth agenda.

Overall, areas for discussion included:

• key priorities: progress since the Independent Review - moving policy and HE sector practice forward - growth efficiency in the context of the Government’s wider investment and spending plans 
• spin-out creation: assessing efficiency and establishing a blueprint for licensing deals - approaches to IP - equity shares of 10% or less for spin-outs with limited new IP - support from the founding institution - strategies to accelerate the process, including training universities and prospective founders
• improving knowledge exchange: addressing UKRI’s work to implement a knowledge exchange strategy - the vision for a comprehensive database of UK spin-outs
• investment and scaling-up: addressing the fall in equity investment into spin-outs since pandemic-related peaks in 2021-2022 - the role of angel and venture funding - overcoming barriers academics face when pursuing commercial interests - priorities for attracting international investment - encouraging investment beyond the South East of England
• best practice: standards in the UK and internationally - developing investor-friendly value propositions - assembling strong start-up teams - securing patient capital - spin-out creation in research departments - forging best practice for investor relations and equity stake
• wider government priorities: examining the role of spin-outs in supporting the Government’s growth agenda - considering the impact of wider policies, including visa schemes and their effect on international recruitment - the effect of spin-out creation on the community and upskilling - maximising impact

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those that attended include officials from DSIT; DESNZ; DBT; DfE, NI; GO-Science; OLS; FCDO; GOTT; IPO; and The Scottish Government.

This conference examined key issues for development of the UK transition finance market, alongside priorities for the new Government around infrastructure and green industrial policy.

It ibrought together stakeholders, policymakers and regulators to assess conclusions from the Transition Finance Market Review (TFMR) and implications for government policy ambitions for raising transition capital, positioning the UK as a world leader in the evolution of green finance, and supporting broader goals for decarbonisation across high-emitting sectors.

Delegates considered priority areas for the Transition Plan Taskforce and its coordination with the TFMR, as well as related policy, including the Government’s plans for a National Wealth Fund and the recently announced Great British Energy Bill, alongside transition finance.

Attendees considered the issues in the broader context of corporate ESG, including implications of the new FCA consultation on disclosure requirements for transition planning in prospectuses, and how to effectively define and implement transition finance strategies that align with Just Transition principles, as well as NAO’s report on the future role of Carbon Capture, Utilisation, and Storage (CCUS).

Further areas for discussion included the future of transition finance regulation, particularly around the development of a UK green taxonomy, the potential for mandatory corporate transition plans, and how plans to decarbonise high-emitting sectors such as the steel industry can be structured and regulated via the strategic use of green industrial policy.

We expected discussion on best practice in transition planning, the role of financial services in supporting these initiatives, and the integration of transition finance into broader ESG frameworks, alongside the progress of existing government strategies and how they can be adapted to meet the challenges and opportunities presented by the evolving market.

We are pleased to have been able to include keynote sessions with: Amy Jenkins, Deputy Director, UK Net Zero Investment and Green Finance, DESNZ; Kim Wilkinson, Head, Sustainable Finance Unit, HM Treasury; Vanessa Havard-Williams, Chair, Transition Finance Market Review; Irem Yerdelen, Lead Member, Sustainable Finance, City of London Corporation; Patrick Arber, Group Head, Government Engagement, Sustainability, Aviva; and Mark Manning, Visiting Senior Fellow, LSE.

Overall, areas for discussion included:

• Transition Finance Market Review:
  
  • key findings and recommendations - assessing financial and market implications - implications for stakeholders - policy ambitions for the UK’s positioning as a global leader
• exploring government priorities:
  
  • the future for the 2023 Green Finance Strategy and policy implementation on transition finance - addressing issues for taxonomy, reporting and transparency
  • investor confidence and options for mitigating risk - the role of transition finance within the broader financial and investment landscape
• key considerations for transition finance regulation:
  
  • coordinating policy and regulation of transition finance with industrial strategy and wider decarbonisation ambitions - priorities for the work of Transition Plan Taskforce
• next steps for UK transition finance policy and market development:
  
  • the future for development, timescales, and the use of mandatory and sector-specific transition plans
  • latest thinking on transition-related abatement of legacy power generation and high-carbon industries, including projects such as CCUS Vision - options for government support and strategic planning
  • transition plans within the TFMR and the wider decarbonisation strategy landscape, including the National Wealth Fund, and aims for a just transition more widely

All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices. This includes the full proceedings and additional articles submitted by delegates. Those that attended include parliamentary pass-holders from House of Commons and officials from Defra; DAERA, NI; DBT; HM Treasury; Department for the Economy, NI; DoF, NI; DESNZ; DfT; CCC; MHCLG; DfC, NI; UKIB; Transport Scotland; CMA; ONS; GLD; DfE; Isle of Man Government; and the Welsh Government.

This conference assessed next steps for the UK’s industrial policy and priorities for supporting both local and national economic growth.

It was an opportunity to discuss key issues at a time of heightened focus on this area of policy in the run up to the General Election.

Delegates examined opportunities to build on the UK’s industrial strengths, increase economic security, and support meeting the domestic net zero target by 2050, following the Business and Trade Committee in the last Parliament launching an inquiry into the Government’s approach to industrial policy.

It also followed the publication of the Labour Party’s, Prosperity through Partnership: Labour’s Industrial Strategy which sets out proposals with emphasis on public ownership and investment in technology and partnerships. It also included proposals to set up a National Investment Bank and Innovate UK Plus and a particular focus on greentech and sustainable technology.

Delegates assessed key issues and priorities for the UK’s industrial strategy moving forward, including in the five growth sectors identified by the current Chancellor of the Exchequer, which include advanced manufacturing, creative industries, digital technology, green industries and life sciences.

Attendees discussed strategic options for supporting the UK’s long-term interests, including priorities for R&D, innovation and investment, and for policy to support UK industrial growth, including strengthening domestic and international partnerships, and developing the skills pipeline.

Responsibilities of devolved administrations and the development and impact of localised strategies were also discussed, including how to best channel continued governmental commitment to the devolution and levelling up agenda.

Keynote speakers who have agreed to take part include: Sir Philip Lowe, Partner, Oxera; Benedict Macon-Cooney, Chief Policy Strategist, Tony Blair Institute for Global Change; Dr Nick O'Donovan, Senior Lecturer, Political Economy and Public Policy, Keele University; and Dr Jeremy Silver, Director, Media Clarity.

Overall, areas for discussion included:

• approaches to industrial policy in the UK: analysing focus industries, such as advanced manufacturing, green industries, life sciences, creative industries and digital technology
• encouraging industry development: fostering innovation and competition - attracting inward investment - support for start-ups and SMEs - regional development - industry partnerships - role of the professional and financial services sectors in driving successful industrial policy
• R&D: industrial research partnerships with universities and key institutions - effective collaborative frameworks to foster innovation and skills development - growing the talent pipeline
• channelling industrial strategy to support key policy goals: economic growth and security - job creation - the transition to net zero - levelling up
• global outreach: looking at opportunities for UK industries to form international industry partnerships and attract foreign investment - learning from international industrial strategy 
• local leadership: assessing the impact of the local devolution agenda - role of local leadership in determining local economic strategies and development

The conference was an opportunity for stakeholders to consider the issues in the presence of key policy officials who attend from the Cabinet Office; CCC; CMA; DBT; DLUHC; UKIB; DSIT; DWP; HM Treasury; DAERA, NI; DfC, NI; Defra; Department for the Economy, NI; DESNZ; DfE; DfT; DHSC; Geospatial Commission; GO-Science; HSE; Isle of Man Government; MMO; The Scottish Government; and the Welsh Government - as well as parliamentary pass-holders from the House of Lords.

The proceedings of the conference will be circulated more widely, to Parliamentarians, ministerial offices, and government and regulatory officials with an interest in the issues being discussed. All delegates will also receive a video recording of the conference.