FCA Value for Money (VfM) Framework consultation response
08 Mar 2026
Liz Cole, Head of Policy - The Investor Relations Society
The Society responded to the FCA Value for Money (VfM) Framework consultation (CP26/1), reiterating our previous concern (from CP24/16) if AIM and Aquis equities are grouped within “unlisted” equity for transparency purposes.
We are concerned this classification is misleading and will obscures the scale of DC investment in UK public growth markets. We therefore encouraged the FCA to ensure that the VfM taxonomy distinguishes “quoted but not listed” markets from private equity to support more meaningful comparisons.
Read the full response here.