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ARTICLE · 29 JANUARY 2025

UK Banking And Insurance Regulation Update

Hogan Lovells Cadwalader
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The UK's Prudential Regulation Authority ("PRA") has recently published various statements regarding its current approach to its regulation of banking...

United KingdomFinance and Banking
Michael Newell
Michael Newell
Alix Prentice
Alix Prentice
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The UK's Prudential Regulation Authority ("PRA") has recently published various statements regarding its current approach to its regulation of banking in the UK, including delaying implementation of Basel 3.1 rules.

Delay to UK Basel 3.1 implementation

On 17 January 2025, the PRA published a press release announcing that it has decided to delay the UK implementation of the Basel 3.1 reforms at least until 1 January 2027, mainly to allow more time for greater clarity to emerge about plans for, and timing of, the U.S. implementation. The PRA also announced:

  • Transitional periods for the reforms will be reduced so that full implementation is still required by 1 January 2030.

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