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Reform UK Calls for Major Overhaul of Financial Regulations

11/6/2025

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Summary

Story summary

Richard Tice, deputy leader of Reform UK, condemned the "madness of regulation" in the City.
He called for a major overhaul of financial regulations and proposed four working groups.
The groups would cover the Bank of England, the Financial Conduct Authority, pension reform, and tax simplification.
Derbyshire County Council's Reform UK administration proposed a single local authority to serve over one million residents, instead of two councils.

History

Historical Context

The Financial Services Act of 1986, enacted under Prime Minister Margaret Thatcher, reformed the UK's financial regulatory framework by establishing the Securities and Investments Board (SIB) to enhance investor protection. This legislation emerged in response to scandals in the 1970s and 1980s that cost investors millions, reflecting ongoing concerns about financial governance and the need for regulatory oversight.

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Story summary

Richard Tice, deputy leader of Reform UK, condemned the "madness of regulation" in the City.
He called for a major overhaul of financial regulations and proposed four working groups.
The groups would cover the Bank of England, the Financial Conduct Authority, pension reform, and tax simplification.
Derbyshire County Council's Reform UK administration proposed a single local authority to serve over one million residents, instead of two councils.

1 / 2