Findings from IRO Survey on Listing Rules and Investment Research

2023 member survey provides insights on Investment Research and the FCA's Listing Rule proposals.

The Society has published “infographics” illustrating the findings from our 2023 member survey on the FCA's Listing Rule proposals and Investment Research, which are now available to members in the Knowledge Bank. 

The findings from this Survey included:

  • liquidity, depth of markets, and comparable peers are thought of by IROs as the most important factors in deciding where to list the proposals (regulation and valuations are also significant factors), 
  • most IRO respondents thought the FCA proposals would reduce regulatory barriers for companies and bolster UK competitiveness,
  • Nearly three-quarters of respondents believe there is a specific link between equity research and valuations for listed companies or those seeking to list,
  • IROs respondents were generally happy with the number of analysts covering their company but commented that there was a range of quality – with most saying that they would prefer fewer analysts if the quality was better,
  • Over one fifth of respondents said that sponsored analyst research is important (up from less than 13% in 2021), of which 8.5% were currently sponsoring research (cf 4% in 2021), and
  • two thirds of respondents publish consensus in some way (mostly on their own website), but one third still do not.

Members can access the report here: Policy & Regulation - Investor Relations Society (

Published 28 July, 2023