Reform UK pushes for radical overhaul of UK financial regulation and public pensions

Reform UK’s deputy leader Richard Tice has called for a comprehensive overhaul of the UK’s financial regulatory frameworks and public pension systems, advocating deregulation and economic liberalisation to boost growth and competitiveness post-Brexit.

Reform UK’s deputy leader Richard Tice has made a forceful pitch to the City of London for a comprehensive overhaul of the UK’s financial regulation and public sector pension systems, signalling the party’s intensifying campaign to position itself as a champion of deregulation and economic growth. Speaking at Bloomberg’s London headquarters, Tice outlined plans to establish four dedicated working groups focused on reshaping the regulatory frameworks governing the Bank of England and the Financial Conduct Authority, pension reform, support for small businesses, and tax simplification.

Tice criticised what he described as “madness of regulation,” attributing the City’s diminishing appeal for listings and investment to overregulation. “There is a fundamental flaw in common sense. If you over-regulate, don’t be surprised that companies aren’t listing here,” he told his audience, urging City employees and financial professionals to contribute “good ideas, mad ideas” for what he called a “big reset” 40 years after the landmark 1980s changes known as the Big Bang.

Central to Reform UK’s critique is the role of the Bank of England and the Financial Conduct Authority (FCA). Tice argued that these institutions are holding back the City through excessive bureaucracy and that questioning their operation—especially around interest rate-setting—should not be perceived as a threat to independence. While promising not to curtail the Bank’s autonomy, he suggested a rethink of its monetary policy frameworks and hinted at a possible shake-up of the Office for Budget Responsibility, calling for clearer lines between advisory roles and ministerial decision-making.

Beyond regulation, Tice highlighted public sector pensions as a key area for reform, emphasising the unsustainable rise in defined benefit schemes. He advocated a shift to defined contribution plans for new public sector employees, voicing concern over the fiscal burden that large, guaranteed pensions place on the economy. This aligns with broader calls from Reform UK for significant economic liberalisation, including a proposed £40 billion tax cut package aimed at stimulating growth. The funding for this would reportedly come from abolishing interest payments made to banks under the Bank of England’s quantitative easing programme, a mechanism which Tice and party leader Nigel Farage have criticised as enriching financial institutions at taxpayers’ expense.

Reform UK’s efforts occur against a backdrop of wider governmental reflection on the UK’s regulatory stance post-Brexit. Recent speeches by UK Finance Minister Rachel Reeves have acknowledged that the crisis-era regulations put in place since 2008 have constrained growth and competitiveness. Reeves has championed reforms in capital markets, financial technology, and sustainable finance, urging regulators to better align with objectives to position the UK as a global financial powerhouse. The newly appointed Lord Mayor of London, Alastair King, has also called for greater divergence from EU financial rules to boost UK competitiveness, highlighting the opportunities for reform now available.

Reform UK’s think tank, the Centre for a Better Britain (CFABB), founded earlier this year and modelled on US conservative policy groups, is playing a pivotal role in developing these ambitious policy proposals. CFABB aims to drive a Trump-style political overhaul in Britain, advocating deregulation and economic nationalism. The organisation operates from the heart of Westminster and maintains connections across North America, reflecting Reform UK’s broader strategy of pushing for radical change.

Though Reform UK is unlikely to secure significant parliamentary representation, its push to deeply reshape financial regulation and taxation is designed to exert pressure on the Conservative Party, potentially realigning right-wing political debates in the UK. With its public calls for “rethinking everything,” including the very governance of economic policy, Reform UK is embracing a disruptive stance that could resonate with parts of the financial community frustrated by existing regulatory constraints but alarm others wary of the risk to stability.

📌 Reference Map:

• ^[1] Financial Times – Paragraphs 1, 2, 3, 4, 5, 6, 7
• ^[2] Evening Standard – Paragraph 2, 7
• ^[3] GB News – Paragraph 2, 7
• ^[4] Reuters – Paragraph 7
• ^[5] Reuters – Paragraph 8
• ^[6] Reuters – Paragraph 8
• ^[7] Centre for a Better Britain – Paragraph 7

Source: Noah Wire Services

Noah Fact Check Pro

The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.

Freshness check

Score:
9

Notes:
The narrative is recent, with the earliest known publication date being 5 November 2025. ([gbnews.com](https://www.gbnews.com/money/reform-uk-pensions-bank-of-england?utm_source=openai)) The content appears original, with no evidence of prior publication or recycling. The report is based on a press release, which typically warrants a high freshness score. ([gbnews.com](https://www.gbnews.com/money/reform-uk-pensions-bank-of-england?utm_source=openai))

Quotes check

Score:
8

Notes:
Direct quotes from Richard Tice, such as “We have to again ask really serious questions about the way we do pensions in this country,” ([standard.co.uk](https://www.standard.co.uk/business/business-news/richard-tice-city-of-london-reform-uk-london-bank-of-england-b1256733.html?utm_source=openai)) and “The private sector did this 25 years ago,” ([gbnews.com](https://www.gbnews.com/money/reform-uk-pensions-bank-of-england?utm_source=openai)) are consistent across sources. No significant variations or earlier uses of these quotes were found, indicating originality.

Source reliability

Score:
10

Notes:
The narrative originates from reputable organisations, including the Financial Times, Evening Standard, GB News, and Reuters, enhancing its credibility. ([standard.co.uk](https://www.standard.co.uk/news/politics/richard-tice-city-of-london-reform-uk-london-bank-of-england-b1256733.html?utm_source=openai))

Plausability check

Score:
9

Notes:
The claims made by Richard Tice align with recent discussions on financial regulation and public sector pensions. ([gbnews.com](https://www.gbnews.com/money/reform-uk-pensions-bank-of-england?utm_source=openai)) The narrative lacks supporting detail from other reputable outlets, which is a minor concern. The language and tone are consistent with UK political discourse, and the structure is focused on the main claims without excessive or off-topic detail.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary:
The narrative is recent, original, and originates from reputable sources. The claims are plausible and consistent with current discussions, with no significant discrepancies or concerns identified.