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We promote sustainable and supportive equity markets for small and mid-caps so that they can focus on growth.

Expert Groups


Insight & Analysis

Policy & the QCA

We believe in the power of well-functioning public equity markets and our policy work advances the ideas that underpin them. Supported by the insights of our seven Expert Groups, the QCA aims to effectively represent the interests of the UK’s 1000+ small and mid-sized quoted companies to government, regulators and the media. Proportionality is key: creating the environment so that all companies can thrive without being inhibited by excessive cost or complexity.

Why do small and mid-caps matter?

Small and mid-sized quoted companies – also known as “growth companies” – are a vital market sector in the UK:

  • They employ over 2.1 million people and
  • Contribute at least £25 billion in taxes – about 5% of the total UK tax take.

These businesses account for 91% of all companies on UK public equity markets by volume, but make up just 15% of the overall market capitalisation.

There is a vast difference in size between the largest 100 companies and the 1,100+ growth companies on the UK’s public equity markets.

Small and mid-sized quoted companies are often disproportionately impacted by rules and regulations as they lack the resources to influence and react to regulatory and policy change.

2.1+ Million

People employed by small and mid-cap quoted companies

£25 Billion+

Contribute at least £25 billion in taxes – about 5% of total UK tax take.

What we want

At the QCA we emphasise proportionality in policy making and thinking “small first” when creating new rules and regulations for business.

We want to promote a good business environment, with low regulatory burden, for small and mid-caps currently on public equity markets so that they can focus on growth.

We also want to promote healthy public markets that are viable financing channels for the growth companies of the future.

What we do


Engage Key Stakeholders

We engage with key stakeholders (for example HMT, DBT, HMRC, FCA, FRC) to help them understand the perspective of growth companies.


With input from our seven Expert Groups, we respond to consultations and other policy developments on behalf of small and mid-sized quoted companies.

Produce Insight & Analysis

We commission research, often with partners, and produce analysis to help shape the agenda with policymakers and the media.

The QCA’s policy work is run by a small team of staff that manages seven Expert Groups.

These groups bring together key individuals from QCA member firms to focus on specific issues.

Our Expert Groups

Much of our output is driven by seven Expert Groups that focus on the latest policy ideas and good practice. Occasionally, working groups are established on subjects that cut across the activities of more than one Expert Group. They may also include participants drawn from the board and the wider QCA membership.

Accounting, Auditing & Financial Reporting

Our Accounting, Auditing and Financial Reporting Expert Group campaigns for proportionate reporting standards for small and mid-sized quoted companies.

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Corporate Governance

Our Corporate Governance Expert Group works with boards, investors and regulators to promote high quality corporate governance by small and mid-sized quoted companies.

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Our Legal Expert Group ensures that new and revised regulations that affect small and mid-sized quoted companies are proportionate and appropriate for the sector.

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Primary Markets

Our Primary Markets Expert Group acts as a dynamic forum composed solely of nominated advisers and brokers to discuss primary market issues with a view of influencing market practice, market structures and the regulatory framework to support firms advising small and mid-sized quoted companies.

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Secondary Markets

Our Secondary Markets Expert Group deals with issues arising from the UK Government and regulators that affect secondary market issues to do with the trading and settlement of shares.

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Share Schemes

Our Share Schemes Expert Group examines all aspects of share scheme regulation to ensure that they remain cost effective and easy to implement for small and mid-sized quoted companies.

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Our Tax Expert Group campaigns to introduce measures that encourage investment in the small and mid-sized quoted company sector and reduce the tax burden and the complexity of the tax system.

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We regularly submit responses to consultations from the UK Government, regulators and other bodies. View our comprehensive list of the Quoted Companies Alliance's recent responses.

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The QCA/YouGov Small and Mid-Cap Sentiment Index tracks the business sentiment of the small and mid-cap quoted company sector and key issues affecting small and mid-cap quoted companies, their advisors, investors and other market participants.

Started in 2011, the Index covers issues such as confidence in the UK economy, hiring intentions, turnover expectations, access to finance, corporate governance, fiscal incentives and more.

You can download the reports on the results of the Index here:

Wave 30

Q2 2023

Small and Mid-cap Sentiment Index / April 2023

Wave 29

Q4 2022

Small and Mid-cap Sentiment Index / October 2022

Wave 28

Q2 2022

Small & Mid-cap Sentiment Index / Tracking Questions / April 2022
View all


A few of our achievements are listed on our achievements page – some are completed, but many remain a constant work-in-progress.

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