Riding high in the polls and buoyed by strong local election results, the event was a chance for the party to show it can operate as a polished and professional political outfit. From the outset, it was clear that commercial organisations are beginning to take notice – exploring Reform’s policies and what a future government might mean for their sectors and for the country.

Nigel Farage remains a gifted public speaker, but the real challenge for the party is to develop a detailed policy platform in time for the next general election – which Farage predicts could come as early as 2027.

A moment overshadowed

One of the biggest moments was meant to be the unveiling of former Conservative cabinet minister Nadine Dorries, best known for championing the Online Safety Act – legislation Farage has criticised, as a member of Reform. Instead, headlines were dominated by the resignation of Labour’s Deputy Prime Minister and Housing Secretary Angela Rayner.

That resignation triggered a wider Government reshuffle, undercutting Reform’s big media moment. On the financial services front, it brought in a new Economic Secretary, Lucy Rigby, and a new Business Secretary, Peter Kyle.

Financial Services: a quiet but notable presence

Financial services were not a major focus of the Reform conference programme, with only a couple of fringe sessions touching on the sector. Perhaps the most striking announcement reported by the Financial Times, was that Reform would seek to abolish the FCA’s role in bank regulation, transferring all oversight to the Bank of England.

This would be a radical shift – and one unlikely to be welcomed by a sector that values stability and predictability. It also seemed at odds with Deputy Leader Richard Tice’s closing remarks to conference for a full review of the Bank and revival of the party’s ‘tiered reserves’ proposal, which would likely impact central bank monetary policy transmission – prompting a recent exchange of views with Governor Andrew Bailey.

Preparing for government

Reform recognises the need to deliver concrete policy. A new unit led by Party Chair, Zia Yusuf, has been tasked with preparing for government.

Later in the conference, Yusuf – in conversation with Spectator editor Michael Gove - identified the civil service, FCA, and Bank of England as potential obstacles to Reform’s growth agenda, where he expected “pushback” from the establishment. He argued for more expert input and less constant policy churn – a fair point in principle given the backdrop of the reshuffle. It remains to be seen whether the ‘galactic talent’ promised by Yusuf will sign on to shape Reform’s platform.

Next up UK Finance will be heading to the Liberal Democrats’ conference in Bournemouth on 20-23 September.