FCA Opens Consultation on Removing Two UK IPO Research Restrictions

The Financial Conduct Authority said on April 27 that it is consulting on removing two rules introduced in 2018 for UK equity IPOs. The first is the seven-day delay before connected research can be published. The second is the requirement for firms to give independent analysts the same information provided to their own research analysts.

The regulator said those rules were meant to encourage more unconnected research, but market feedback suggests they did not achieve that goal. Instead, the FCA said the framework has added cost, execution risk, and complexity to the listing process while leaving the UK at a competitive disadvantage against other venues.

For now, the FCA is not proposing broader rule changes, but it is asking whether further reform of the 2018 IPO information-flow regime may be needed. Responses to the consultation are due by 29 May 2026.

Why it matters

This is a market-structure story for traders because IPO price discovery depends heavily on who gets research, when it appears, and how quickly order books form around new listings. If the FCA follows through, UK IPO timetables could become simpler and faster, which may improve issuer appetite and lift trading interest around new deals.

What to watch next

Watch the consultation response window and any follow-up from banks, brokers, and buy-side firms. If the FCA gets broad support, the next step is likely a final rule package aimed at making London listings easier to execute.