With the UK’s shift to T+1 settlement set for 11 October 2027, we’re updating firms on our expectations and next steps.

On 16 July 2025, Jamie Bell, the FCA’s Interim Head of Capital Markets, joined Richard Monks of EY for a fireside chat at the Accelerated Settlement Taskforce (AST) industry event, “The Journey to T+1 in the UK and Europe – Will You Be Ready?”, hosted by EY.

The event took place nearly six months after the AST published its UK T+1 Implementation Plan and centred on how the market is preparing for the upcoming change.

A live poll showed encouraging progress: around 87% of attendees said they had already identified the changes needed for a smooth transition to T+1. Jamie noted that early engagement with market participants has been positive, and the FCA is generally pleased with the level of preparation so far.

Key discussion points included:

• Automation – seen as essential for efficient settlement, with many firms integrating it into their plans.
• Regulatory oversight – while the FCA’s role is supportive, it will take action if firms are not ready for the October 2027 deadline.
• Market-wide communication – the FCA cannot meet every authorised firm directly, so firms are encouraged to engage proactively with their clients as part of the wider market initiative.

This shift to T+1 is a significant market change, and ongoing collaboration will be critical to ensuring readiness across the industry.