HM Treasury, the Financial Conduct Authority and the Prudential Regulation Authority have declared that the deadline by which firms should begin to obey the Investment Firms Prudential Regime planned in the Financial Services Bill - currently before Parliament - is to be 1st January 2022.

As the Financial Services Bill continues its progress through Parliament, HM Treasury and the regulators that it owns have issued their timelines for the introduction of the new regime and of those "Basel III" reforms which make up the UK's equivalent to the outstanding elements of the European Union’s second Capital Requirements Regulation.

HM Treasury will ensure that the relevant secondary legislation - which will contain the ultimatum - is in place in good time. Rather worryingly, the regulators are only promising to "endeavour to provide industry with as much sight of the final rules as possible ahead of this date," rather than full prior disclosure.