Bank of England: Record of the Financial Policy Committee meetings on 4 and 8 April 2025

Plans by HM Treasury, the FCA and the Bank of England to support the industry recommendation to move to T+1 settlement in UK markets by 11 October 2027

The Bank of England’s Financial Policy Committee (FPC) welcomed plans by HM Treasury, the FCA and the Bank to support an industry recommendation to move to T+1 settlement in UK markets by 11 October 2027. The Committee agreed that shortening the UK securities settlement cycle to T+1 would bring financial stability benefits from reduced counterparty credit risk in financial markets.

Moving to T+1 should also catalyse financial market automation, making markets more efficient and resilient, supporting growth. The FPC agreed it was important that firms and settlement infrastructures had robust plans for an orderly transition in October 2027.

The FPC was supportive of the UK authorities continuing their dialogue with regulators in other markets, including the European Union and Switzerland, which were pursuing similar changes.

Read the full record of the Financial Policy Committee meetings on 4 and 8 April here.