On 21 March 2022, the PRA issued a short update concerning its work on implementing the final Basel III reforms (known as Basel 3.1). The PRA explains that the timing of its work on Basel 3.1 has been uncertain for a number of reasons, including the internationally agreed delay as part of the response to COVID-19, the need to respond to other priorities and the new processes that the PRA has had to develop to turn Basel standards into detailed rule-making proposals under a UK legal framework.

To help firms with their planning processes the PRA confirms that it intends to publish a Consultation Paper on Basel 3.1 implementation in Q4 2022.

In addition, taking into account the publicly-announced implementation timetables in other major jurisdictions, and the need to provide firms with sufficient time to implement the final policies, the PRA states that its current intention is to consult on a proposal that these changes will become effective on 1 January 2025