ShareAction Warns City Must Not

Non-profit investment charity ShareAction said London "must be careful not to have unintended consequences" and "damage its own reputation", after the UK Financial Conduct Authority proposed plans to change stock market rules on Thursday.

The FCA launched a consultation on proposals to create a new category within its premium listing regime to cater for companies controlled by a shareholder that is a sovereign country, widely seen as paving the way for Saudi Arabia's state-controlled oil firm Saudi Aramco to list.

Saudi Aramco is expected to launch an initial public offering later this year, but is reported to only want to sell a small stake initially, around 5%, which goes against UK rules on listing shares.