FT: UK pushes back deadline for Basel III update

The UK has eased its timetable for implementing the latest global bank capital standards, but stopped short of the two-year delay recently announced by the EU, raising the prospect that British banks will be forced to comply sooner than their closest rivals.

The UK’s financial regulators said on Monday they would look to implement the latest Basel III banking standards “post March 2023”, without specifying a date. The rules, which mostly streamline how banks calculate their capital, were due to come into force globally in January 2023.

A planned consultation led by the Bank of England’s Prudential Regulation Authority on the implementation was also postponed from the final quarter of 2021 until the second half of next year.

The full article is available at https://www.ft.com/content/6551322f-31ae-4506-9ffc-e48ce8e1a104

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