Under the proposals, the regulator would remove the requirement for a seven-day delay before connected research on an IPO can be published. Connected research refers to analysis produced by analysts at banks acting in the syndicate of the IPO. The current regime, introduced in 2018, prevents these analysts from publishing until unconnected analysts have been given access to the same information and a week has elapsed for them to prepare their own reports.

The FCA is also consulting on dropping the related obligation for firms to share information with independent analysts on the same terms as their in-house counterparts.

The 2018 rules were designed to encourage the production of unconnected research, broadening the range of voices available to investors during a flotation. According to the FCA, however, that aim has not been realised. Market participants have told the regulator that the rules have instead added complexity, risk and cost to the IPO timetable, leaving the UK at a competitive disadvantage when set against rival international listing venues such as New York and the major European exchanges.

Jon Relleen, FCA director of infrastructure & exchanges, supervision, policy & competition division, said: “Market feedback has been clear that these rules can introduce additional risk, cost and complexity without delivering the intended benefits.

“We are committed to reducing friction, supporting growth, and ensuring the UK remains a competitive and trusted place for companies to raise capital.”

No other rule changes are being proposed at this stage, although the consultation paper poses discussion questions about whether further reform of the 2018 information-flow regime might be warranted. The deadline for responses is 29 May 2026.

The consultation forms part of a broader push by the FCA to revitalise the UK’s primary markets, which have suffered a marked decline in IPO activity in recent years amid competition from New York and concerns over valuation discounts on London-listed shares. It follows commitments set out in the FCA’s December 2025 letter to the Prime Minister, in which the regulator pledged to accelerate IPO applications, and complements the wider reform agenda detailed in its 2026/27 work programme published in March.

The proposal also sits alongside the new Public Offers and Admissions to Trading regime, which took effect on 19 January 2026 and replaced the long-standing UK Prospectus Regulation.

Among other changes, that regime raised the threshold above which a prospectus is required for further share issuances from 20% to 75% of issued share capital, increased the maximum length of a prospectus summary from seven to ten pages, and shortened the period during which an IPO prospectus must be available to the public from six working days to three.