HMT provides update on prudential reforms
Released 16 November 2020
HM Treasury (HMT), the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) have published a joint statement on the implementation of prudential reforms contained in the Financial Services Bill.
The statement provides an update on planned timelines for introducing the UK’s Investment Firms Prudential Regime (IFPR) and implementation of those Basel 3 reforms which make up the UK equivalent to the outstanding elements of the EU’s 2nd Capital Requirements Regulation. The targeted implementation date is 1 January 2022 for both regimes.