LONDON: New capital rules for banks and investment firms will be implemented at the start of 2022, six months later than originally indicated to give industry more time to prepare, the British authorities said on Monday.
The rules comprise Britain’s Investment Firms Prudential Regime, which covers capital requirements for investment firms, and some changes to capital requirements agreed globally by the Basel Committee after the financial crisis a decade ago.
“We have decided to target an implementation date of 1 January 2022 for these two regimes,” the Bank of England, Financial Conduct Authority and Britain’s finance ministry said in a joint statement.
The authorities said the decision to delay was a response to feedback from the industry, which had raised “concerns about the general volume of regulatory reform in 2021.”
Britain’s implementation date is now six months after the European Union’s June 2021 date for implementing its versions of the two sets of capital rules.
Britain had indicated it would introduce the bank capital rules at the same time as the EU, but had not said when it would introduce the investment firm capital rules.
The Basel Committee, a global body of banking supervisors that includes the Bank of England, said in March implementing the final leg of its capital rules could be delayed to January 2023. UK regulators have said they will apply this new deadline.
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