THE UK Listing Authority (UKLA) received backing from the City yesterday, just as the government consultation on its future closed.
The Listing Authority Advisory Committee (LAAC), the body which represents the investment community in its dealings with the UKLA, said overall satisfaction with the authority had risen to 72 per cent compared to 69 per cent in 2007, when the survey was last held.
The LAAC added 20 per cent of advisers said there had been an improvement in the UKLA’s effectiveness over the past three years. And the report found the UKLA performed well against all three of its objectives as set out by the Treasury.
Andrew Tusa, chairman of LAAC, said the group was pleased the survey had shown the performance of the UKLA in a positive light.
But Tusa said he was concerned that the UKLA’s good work could be undermined by government plans to merge it with governance body the Financial Reporting Council (FRC), as part of plans to reform Britain’s tripartite system of financial regulation.
Most City bodies have already voiced their opposition to the merger.