Michael LewisThe FCA has updated its information pages on the move to T+1 settlement, which will happen on 11 October 2027. It has written to Chief Compliance Officers of asset management and alternative firms, as it became aware some of them may not have fully appreciated what they need to do to ensure compliance. Firms should carry out end-to-end reviews of their trading, clearing and settlement arrangements to understand what changes could help faster settlement and should speak to their settlement agents and relevant service providers to plan for the change. Firms that regularly lend securities should get prepared to be able to recall them quickly.
By the end of 2026 the FCA expects firms to have implemented all the changes so that can fest their amended processes in preparation for October 2027.