Chancellor Rachel Reeves has promised “transformational change” to advice and guidance in a sweeping series of financial services reforms announced in her Mansion House speech last night.

In an unexpectedly large series of reforms she said she wanted the FCA and other regulators to "drive for growth" and get rid of unnecessary regulation.

For financial advice and guidance she promised major change.

She said: “While regulation has been successful in improving the quality of financial advice being offered to consumers many people do not get the help with their finances that they want and need so the FCA will shortly consult on transformational changes to financial advice and guidance to ensure that people get the right support.”

It is believed she is referring, at least in part, to the current FCA advice-guidance boundary review with her words suggesting major reform is on the way.

Other major reforms announced by her in her speech include:

• The Senior Managers and Certification Regime. She said, “some elements of it have become overly costly and administratively burdensome.” The Treasury, the FCA and the PRA will shortly publish the outcomes of a review including a commitment to consult on removing the current Certification Regime from legislation.

• Freeing the restrictions on major banks and other financial institutions when it comes to pay.

• Streamlining the duplication in the FCA’s Handbook Review to focus more on growth

• She has issued new growth-focused remit letters to the Financial Conduct Authority, Prudential Regulation Committee, Monetary Policy Committee, Financial Policy Committee and the Payment Systems Regulator.

• Reform of the Financial Ombudsman Service to ensure greater co-operation on major cases between the FCA and FOS. “Reform is needed to create a surer climate for investment,” she said. A Call for Input will be published today.

• New pensions 'megafunds' combining local authority pension schemes to create much larger united schemes to drive investment in growth areas

She said the UK needed to grow financial services as the UK had been “regulating for risk, but not regulating for growth.”

She called for work, “to build a true partnership between government and the financial services sector and unlock its potential.”

She said despite the reforms the UK would maintain important consumer protection and uphold international standards of regulation and ensure a stable financial services system but it was time to “rebalance our approach.”

• Latest figures released today show that UK GDP growth is anaemic with GDP growing by only 0.1% between July and September and shrinking in September as Budget fears affected confidence. UK unemployment has also begun to rise.