In its feedback statement to the consultation, the trade body said it supports innovation and the addressing of the challenges faced by the UK equity markets "holistically", and that the proposed reforms strike a "good balance" between reducing costs and complexities for issuers and encouraging high-quality companies to list in the UK.

However, its members have raised concerns over plans to scrap certain shareholder protections. More specifically, it highlighted three areas that may diminish investment managers' ability to deliver the "best possible investment outcomes for end investors".

Listings reform will not cure 'general disinterest and malaise' in UK capital markets

Namely, the three areas are: the removal of shareholder votes for both significant transactions and related third party transactions, as well as the "watering down" of dual class share structure (DCSS) restrictions.

"Our members are concerned that the removal of these protections will ultimately have a negative impact on the investment management industry's ability to protect value for clients, including individual British savers and investors who rely on long term value to protect their financial resilience now and in later life through their pensions and other investments," the IA said.

The trade body also highlighted these concerns were not new, as they had already been raised in the FCA's previous consultation paper last year, noting the regulator "has opted to push ahead with the proposals"....

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