KPMG comments on Bank of England delays to Basel 3.1

Commenting on the Bank of England’s decision to delay the implementation of Basel 3.1, Steven Hall, a partner in KPMG UK’s Financial Risk Management practice, said:

“As the PRA announces a further delay to the implementation of Basel 3.1, we are seeing the consequences of the interaction between prudential safety and the international competitiveness agenda play out in public.

“Whilst the EU is talking about ‘tweaks’ to its regime, the bulk of CRR3 provisions already took effect from 1 January this year, leaving it further out of line with the UK and US on implementation timelines.

“For UK banks, does this leave them time to ‘do things properly’, or do they take their foot off the gas, expecting further delays down the line?”

ENDS

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 18,000 partners and staff. The UK firm recorded a revenue of £2.96 billion in the year ended 30 September 2023.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 273,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.