On 16 November 2020, HM Government published a joint statement from HM Treasury, the PRA and the FCA on the implementation of prudential reforms contained in the Financial Services Bill.

The statement provides that the UK authorities have targeted an implementation date of 1 January 2022 for the UK’s Investment Firms Prudential Regime and implementation of those Basel 3 reforms which make up the UK equivalent to the outstanding elements of the Capital Requirements Regulation II.