UK regulators joint statement on the implementation of prudential reforms in the Financial Services Bill

Regulatory Updates | 16/11/20

HM Treasury has published a joint statement from itself, the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) on the implementation of the prudential reforms contained in the Financial Services Bill. The regulators have decided to target an implementation date of 1 January 2022 for the UK’s Investment Firms Prudential Regime (IFPR), and the implementation of those Basel 3 reforms which make up the UK equivalent to the outstanding elements of the EU’s 2nd Capital Requirements Regulation. HM Treasury will ensure the relevant secondary legislation is in place in good time, and the regulators will endeavour to provide industry with as much sight of the final rules as possible ahead of this date, to support effective implementation.