Industry professionals react as King’s Speech sets out personal finance and regulatory reform agenda

The King’s Speech signalled plans on housing, financial regulation and household resilience, but experts warn political uncertainty could derail the agenda before it delivers meaningful change for personal finances.

Read the reactions below:

Karen Northey, Director for Corporate Affairs at the Investment Association, said: 

“We welcome the Government’s continued commitment in the King’s Speech to boost growth and achieve greater financial resilience for UK households, ambitions which our industry shares. Measures to deliver the Chancellor’s Leeds Reforms and modernise the regulatory framework, so that it supports innovation and competitiveness, are vital if the UK is to remain an attractive place to invest and do business. This includes welcome proposed reforms to the Financial Ombudsman Service and the Senior Managers and Certification Regime which will improve regulatory certainty and reduce burden. With £3 trillion managed by our industry on behalf of European clients, a closer partnership with the EU on financial services, in addition to those industries referenced in the King’s Speech, can also help unlock investment opportunities.” 

 Hugh Fairclough, partner and head of financial services at RSM UK, comments:

“Productivity in the financial services sector has fallen by 11% since 2010*, largely due to regulatory constraints brought in since the banking crisis in 2008. Of course, cutting regulation could help stimulate growth. Government and regulators must tread carefully to maintain consumer protection and avoid increasing the risk of fraud, or even another financial crisis. Growth‑led reform succeeds only where deregulation is paired with sharper accountability, not weaker protection.”

Charlotte Kennedy, Chartered Financial Planner at Rathbones, says:

“The King’s Speech isn’t a Budget, so it won’t change your finances overnight. What it does do is signal where ministers want to focus – from housing to welfare and work. But this year’s speech comes with a caveat. It has been overshadowed by serious questions over the prime minister’s future after hefty local election losses, making today’s agenda look fragile. Any change at the top could leave large parts of it redundant, with a new leader likely to pursue a different course.

“For households, the most relevant announcements were around the cost of living, housing and energy bills. The King’s Speech signalled plans to reform leaseholds and cap ground rents, speed up remediation for people living in homes with unsafe cladding, and pursue greater energy independence through renewables and nuclear power in an attempt to protect long-term living standards. There was also a strong emphasis on infrastructure investment, employment support and economic stability, all of which are intended to support growth and ease pressure on household finances over time.

“Whether or not these plans ever make it into law, the key for individuals is not to overreact. Trying to pre-empt potential policy changes can do more harm than good. We saw that after last year’s Budget, when speculation about restrictions to tax free pension lump sums prompted some people to rush into withdrawals. That knee jerk response risks missing out on long term investment growth and can create unnecessary tax liabilities.

“Decisions should still be driven by long term goals, tax allowances and careful planning – not political headlines. Any real impact on household finances is more likely to emerge at the next fiscal event, not from today’s speech.”

Timothy Douglas, Head of Policy and Campaigns at Propertymark, comments:

“Propertymark welcomes the UK Government’s continued focus on leasehold reform as we support action to address longstanding issues within the leasehold system, including excessive ground rents, unfair charges and greater transparency for consumers. We now need to see these reforms progress at pace, with clear timelines and delivery, to provide certainty and confidence for consumers and the wider housing sector.

“We acknowledge the UK Government’s ambition to make commonhold the default tenure for new flats and to strengthen leaseholder rights. However, reform must be carefully phased to avoid market disruption and ensure existing leaseholders, property agents, and developers can transition effectively to any new system. Propertymark has consistently called for clearer standards, improved transparency around service charges, professional qualifications for property agents, and practical reforms that improve consumer confidence across the housing market.

“It is positive to see plans to accelerate remediation works and strengthen accountability for unsafe buildings. Leaseholders and residents have faced unacceptable delays and uncertainty for too long. The UK Government must ensure remediation funding, enforcement powers and clear legal responsibilities are implemented quickly so that affected residents are protected, and confidence can return to the housing market.

“Reforms to the housing sector can support economic growth and allow people to get on in life, but there must also be a much stronger focus on reducing and removing property taxation to make it quicker, easier and more affordable for people to move and get onto the housing ladder, while also helping to reduce cost pressures on landlords, which in turn brings down the cost of renting for tenants. Propertymark will continue to engage with policy makers and the UK Government to ensure the housing market works for all.”

Simon Kent, Senior Partner and Board Director at Kearney, comments:

“The City is core to the success of the UK economy, and delivering growth means having regulation that matches the market it oversees. Merging the PSR into the FCA, and reducing the regulatory burden of the SM&CR, should cut some of the cost and complexity that can hold firms back without a proportionate benefit.

“However, this isn’t about going back to the old regime, it’s about ensuring regulation delivers the outcomes that government, regulators and consumers actually want. The UK dropped from third to sixth in Kearney’s latest FDI Confidence Index, and financial services remain one of the few sectors where Britain holds a genuine global edge. These reforms need to ensure the City remains at the forefront of the global market, not falling behind other capital hubs like New York, Singapore, or Frankfurt.”