The Ministry of Finance and the UK Treasury held their fourth bilateral Financial Markets Dialogue on 29 September 2026 in London, bringing together senior officials and regulators from both countries to discuss deeper financial services cooperation. The dialogue involved senior officials from India’s Ministry of Finance alongside representatives from the Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), International Financial Services Centres Authority (IFSCA), Pension Fund Regulatory and Development Authority (PFRDA) and Insurance Regulatory and Development Authority of India (IRDAI), as well as the Bank of England and UK Financial Conduct Authority.
Both countries reaffirmed their commitment to sustainable economic growth, open financial markets, and increased bilateral trade and investment. The discussion highlighted reforms underway in each country’s financial systems and identified priority areas for future cooperation.
Key facts
- Fourth India-UK Financial Markets Dialogue held on 29 September 2026 in London
- Previous dialogue took place in December 2024
- India-UK Comprehensive Economic and Trade Agreement entered into force on 15 July 2026
- Insurance and Pensions Workplan was established in 2023
- Discussion topics: capital markets, insurance, pensions, asset management, fintech and innovation
- UK identified as leading offshore rupee trading hub
Capital markets cooperation
Both sides discussed streamlining cross-border investment and access to international capital markets. India highlighted reforms to ease overseas participation in its capital markets and simplified access to sovereign and corporate debt through the RBI. The Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) was identified as a growing hub for mobilising international capital into India.
The dialogue covered opportunities to increase cross-border equity and bond listings via GIFT IFSC and strengthen capital market connectivity between the two countries. Both countries agreed to identify priority areas for future capital markets cooperation ahead of their next Economic and Financial Dialogue.
Insurance, pensions and reinsurance
Participants exchanged updates on insurance and pensions reforms in their respective countries. The UK shared recent updates to its insurance regulatory framework and developments in pensions and annuity markets, while India outlined its plans to expand insurance coverage and market capacity.
Both sides recognised the value of competitive markets, access to specialist expertise and diverse pools of capital in managing complex risks. They discussed opportunities in reinsurance arising from India’s evolving regulatory framework and potential for deeper cooperation between the London Market and Indian insurers. An Insurance and Pensions Workplan established in 2023 was reaffirmed as important for supporting market development and bilateral trade.
Asset management and sustainable finance
The UK and India exchanged updates on asset management regulation and discussed how mutual understanding of reforms and market conditions could support increased cross-border investment. Both countries welcomed the further internationalisation of the Indian rupee, with London recognised as the leading offshore rupee trading hub.
On sustainable finance, both sides stressed the importance of credible frameworks, high-quality disclosures and global standards to mobilise private capital for climate-resilient transitions. They welcomed continued regulatory cooperation on asset management and reviewed progress under the India-UK Financial Partnership asset management workstream.
Fintech, digital innovation and financial crime
India shared its experience in scaling fintech adoption and financial inclusion through digital public infrastructure, including digital identity systems, digital payments and Central Bank Digital Currencies. Both countries agreed on the importance of supporting responsible innovation without compromising regulatory oversight.
Both sides exchanged perspectives on artificial intelligence in financial services and agreed to continue bilateral exchange and coordination. India shared details of its digital onboarding process for retail financial services and committed to share further experiences.
Participants expressed concern over criminal use of new technologies for financial crime, including AI-driven fraud at industrial scale in foreign locations, and cyber security risks. They agreed to continue cooperation through relevant authorities to detect and prevent financial fraud using technology and regulatory innovation.
Both countries reaffirmed support for the G20 Roadmap for Enhancing Cross-Border Payments and discussed practical priorities for reducing friction and improving efficiency in international payments. They recognised ongoing work to promote interoperability of electronic payment infrastructures.
What this means for you
If you are an investor, the dialogue opens pathways for easier cross-border investments between India and the UK through GIFT IFSC and simplified capital market listings. Indians in the pensions and insurance sectors may benefit from increased bilateral knowledge-sharing and market opportunities. Fintech companies and digital payment users could see improved cross-border payment systems and faster adoption of digital financial services. The focus on combating AI-driven fraud suggests enhanced protections for retail financial services customers in both countries.
What happens next
Both countries agreed to drive progress across the workstreams established under the India-UK Financial Partnership, with updates reviewed through relevant bilateral mechanisms. The next UK-India Economic and Financial Dialogue will review progress on identified priorities for capital markets cooperation and other agreed areas.