Britain's newly-elected Labour party wants to sharpen supervision of the UK corporate governance and audit industries, and reform rules governing pensions to help millions of savers improve their chances of a financially resilient retirement.

Outlining the government's legislative agenda in the customary King's Speech on Wednesday, King Charles promised a government of service, unveiling more than 35 bills focused on reviving the economy and tackling issues from an acute housing shortage to a cost of living crisis.

Below are a selection of views from the UK finance and professional services industry on the government's legislative goals.

RICHARD MORIARTY, CEO, FINANCIAL REPORTING COUNCIL

"The FRC welcomes the Government's announcement of draft legislation to modernise its regulatory toolkit...Without these changes we are the regulatory equivalent of being a sheriff for only half the county and with weaker powers than are needed."

"Our work underpins domestic and international investor confidence, resulting in businesses being more readily able to access the capital they need to grow and create jobs and wealth in every community across the UK."

ALAN VALLANCE, CEO, ICAEW

"Reliable, trusted reporting by companies is fundamental to investor confidence which in turn is key to economic growth and stability. This long-awaited reform will not only reduce the risk of disorderly business failure, but will contribute to the transition to net zero."

"Establishing the new statutory regulator - the Audit, Reporting and Governance Authority - and providing it with powers to take effective enforcement action against directors of UK public interest entities, is a crucial part of these reforms."

BECKY O'CONNOR, DIRECTOR OF PUBLIC AFFAIRS, PENSIONBEE

"Millions of people are currently not saving enough for retirement, so it's extremely encouraging to see pensions at the top of the new government's agenda."

"The automatic consolidation of small pots is a crucial measure that should help workers keep track of their old pensions and reduce the fees they pay, positively impacting their retirement outcomes.

"It's good to see the emphasis being placed on financial outcomes for savers - not just potential benefits to UK plc."

CALUM COOPER, HEAD OF PENSIONS POLICY INNOVATION, HYMANS ROBERTSON

"It is clear that the government wants pensions, and the National Wealth Fund bill, to play a role in providing meaningful stimulus to UK productivity. For this, the pensions industry will need clarity – both a practical road map and clear and attractive opportunities to invest at scale.

"Hopefully, this bill will play an important part in stimulating this thinking and direction too. There is a huge societal opportunity in unlocking the productive potential of our 2.5 trillion pounds of pensions."

KIRSTY ANDERSON, RETIREMENT SPECIALIST, QUILTER

"The government is also keen to ensure savers get value for money from their pension schemes. This includes clear disclosure of investment performance, costs, and service quality."

"While this focus is welcome, there remains the problem that too many people are not accruing enough into their pensions in the first place"

"We need to view the retirement market holistically and ensure that more savers are engaging with their pensions earlier in life. Giving more people access to advice or guidance in differing formats throughout their financial lives will improve the market immensely."

(Reporting by Sinead Cruise; Editing by Alexandra Hudson)