UK Accelerated Settlement Taskforce Quarterly Review – Q1 2025

The UK T+1 Accelerated Settlement Taskforce Implementation Plan

Firstly, the Accelerated Settlement Taskforce (AST) published its final implementation plan for the UK’s transition from T+2 to T+1 securities settlement on 6 February. The plan outlines, in the form of a ‘Code of Conduct’:

• The official transition date: 11 October 2027
• 12 critical actions and 26 highly recommended actions
• A clearly defined scope for what the move to T+1 will cover
• 5 behavioural commitments including:
  • A push for automation in SSIs, corporate actions, and stock lending recalls
  • A focus on ‘action this day’, urging firms to begin planning and where practicable, immediate implementation

The message is clear – although the deadline may seem distant, preparation needs to begin now, particularly as we approach the 2026 budget planning cycles.

The recommendations in the plan are backed by the FCA and the Bank of England and on behalf of the government, HM Treasury has accepted all the recommendations in the report, including amendments to the UK CSDR to ensure that the transition becomes a regulatory requirement.

UK Accelerated Settlement Taskforce industry event – 20 February

Following the publication of the implementation plan, the taskforce held an online and in-person event for market participants on 20 February, hosted by KPMG.

The event was a defining moment for the UK’s transition to T+1 and included keynote remarks from the FCA, Bank of England and the Economic Secretary to the Treasury, Emma Reynolds MP. Their messages were unified and clear with a shared commitment at the highest levels of public authority to support the successful implementation of T+1 by October 2027.

The afternoon also featured a live panel discussion with workstream leads from the AST who dissected the 12 critical recommendations set out in the implementation report. The 500 attendees, both in-person and online, had the opportunity to directly engage and ask questions through an interactive Q&A session.

If you missed the event, don’t worry – a full recording and presentation slides are now available here on the website.

Reinforcing regulatory support

Momentum is building, and so is engagement with the regulators. Since the start of the year, we have engaged closely and regularly with HM Treasury, the FCA and the Bank of England to ensure the necessary regulatory foundations are in place. They have also reaffirmed their commitment to working with industry to ensure that policy, operations and technology evolve in tandem to meet the 2027 target. This alignment between the AST, industry and regulators is proving critical to maintaining focus and pace.

Looking ahead

The publication of the implementation plan is not the finish line, it is the starting point. In Q1 we kicked off our series of readiness surveys conducted by Value Exchange, which will continue throughout Q2, to establish a baseline and monitor progress and readiness across the market. These surveys will be conducted on a quarterly basis for 2025 so do keep an eye out as your participation will be key in assessing industry readiness.

The AST will continue working on implementing the actions through various working groups categorised by workstream. If you are interested in joining any of the workstreams, please do not hesitate to contact me.

We will also begin hosting quarterly webinars on various workstreams the AST is undertaking, the first of which will be on FX. The date for this webinar will be announced in due course. And finally, don’t forget to follow our UK Accelerated Settlement Taskforce LinkedIn page and check out our website for all the latest updates, resources and upcoming event.

The transition is underway – stay engaged, stay informed and begin your preparations now!

Andrew Douglas

Chair, Technical Group

April 2025