Chairman of Phoenix Group, Nicholas Lyons, is to join a new Taskforce being set up by London Stock Exchange (LSE) plc to drive forward the development of the UK’s capital markets.
The inaugural UK Capital Markets Industry Taskforce will be formed of members from across the financial ecosystem. Its objectives will be to stimulate industry engagement to ensure that the UK’s capital markets serve those who seek capital and those who have capital to invest; that they support the UK economy; and strengthen its role as a global financial centre. Chaired by Julia Hoggett, CEO, LSE plc, the Taskforce will also consider how the ecosystem can evolve and support the current and potential future regulatory change to ensure the focus on implementing reform continues and is effectively embedded.
Announcing the formation of the Taskforce, LSE plc highlighted that capital markets are often not discussed in the UK through the lens of their ultimate purpose: to direct capital into the real economy to create the jobs and innovation that have an impact on all our lives, and to help savers, pensioners and policy holders find assets to invest for life events and their retirement. Given their critical role, it is essential that capital markets work effectively. The UK has a superb start-up ecosystem, with world leading universities, a unicorn being created on average every 27 days and world leading fintech and life sciences sectors – among many others. And yet, not all of those great companies reach the scale they need or secure financing in the UK.
Commenting Nicholas Lyons, Chairman of Phoenix Group said: “This new taskforce will play an important role in effecting the change needed to further develop the UK’s thriving ecosystem for high growth companies, while enabling those investing for the long term, such as pension savers, to benefit from the potential of this important asset class. I look forward to working with other members to drive momentum behind reforms of our capital markets to enable the UK to remain a leading global financial centre supporting efficient access to capital.”