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PIMFA welcomes recommendations in the UK Listing Review aimed at improving retail investor access to markets


PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, has welcomed the recommendations made by Lord Hill in the UK Listing Review designed to improve access for retail investors.

Tim Fassam, Director of Government Relations and Policy, says: “Lord Hill rightly notes that technology can play a role in improving retail investor access to capital markets, as well as overall engagement, particularly as retail investors are beginning to do so in ever increasing numbers and at an earlier age than before.

“He is also correct however that firms need to do more to increase the speed at which retail investors are able to access capital markets. Straight-through processing technology has been widely available to institutional investors for almost two decades but that does give them an advantage over retail investors, which surely goes against the spirit of democratising access to these markets.

“We also welcome the recommendation to re-establish the Rights Issue Review Group and the recommendation to review the Prospectus Regime, particularly if such measures might improve retail investors’ access to Initial Public Offerings and capital raisings by companies, where in both cases the majority of retail investors feel shut out by existing rules and processes.”

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