It was perhaps inevitable that the Financial Conduct Authority (FCA) would look to reassess and reform its regime in an attempt to help the UK catch some of the millions being generated by the burgeoning special purpose acquisition company (SPACs) market.

The FCA has now set out proposals for a more flexible regime that will bring the UK closer to the approach being taken by its major financial rivals. The ultimate aim is to lure SPACs to the City, as opposed to going to places – such as New York – where the rules are viewed as being more SPAC-friendly.

It is an approach that makes sense. SPACs involve money being raised from investors who are told that the purpose is to merge with a private company, albeit one th...

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