Chancellor Rachel Reeves’ raft of financial services reforms announced in her Mansion House speech last week provoked a range of reaction from the industry.

In her 'Financial Services Growth and Competitiveness Strategy', the Chancellor said financial services should be an economic powerhouse driving growth in the UK.

Charlotte Kennedy, Chartered Financial Planner, Rathbones, said: “The Chancellor’s Mansion House speech was a clear charm offensive to the financial services sector.”

She said the emphasis on changing the narrative around investment risk was “particularly welcome.”

Liz Field, chief executive at PIMFA, said: “The reforms send a clear signal that the UK is serious about harnessing the strengths of its financial services sector to drive growth, innovation, and prosperity. The private banking and wealth management sector can play a crucial role in delivering the growth and stability we all want to see.”

Steven Levin, CEO of Quilter, said: “For firms to follow up meaningfully with consumers, clarity on marketing permissions is essential. Current restrictions under PECR can make this difficult unless customers have proactively opted in.”

He said success will depend not just on unlocking capital but on building lasting confidence. “That means ensuring consumers have access to clear, trustworthy support at every stage of their financial journey. Improving financial education in schools should also be a long-term priority to help nurture a UK investment culture.”

Michael Summersgill, AJ Bell CEO, said unlocking retail investment by reforming ISAs has his support. He said: “With at least £100bn sat in cash ISA accounts held by savers with £20,000 or more in cash but no ISA investments, there is a huge prize at stake if government gets this right.

He warned that it won’t “be achieved by diktat. It may be tempting to try and marshal ISA contributions through rules and regulations – such as mandatory quotas on UK assets or restrictions on cash contributions. But this simply won’t work.”

He called on the Government to start from scratch on the best design of the ISA system.

The Chancellor’s plan to narrow the advice gap is well intentioned but needs work, said Andy Wealthall, chief operating officer at Lifetime Financial Management.

He said: “We believe the Chancellor’s call for reform in financial services comes at the right time, but her targeted support plans need a rethink.

“The advice gap remains a complex challenge. A lack of advice has prevented millions of people from accessing the help they need to make informed financial decisions. The intention is right, but the mechanism still needs work.”

Ben Goss, CEO at Dynamic Planner, said the reforms “represent a pivotal moment for UK financial services — not only in cutting red tape but in actively enabling innovation and investment.”

Rachel Reeves also called for a review of the impact of the Consumer Duty in her Mansion House speech last week.