UK Banks Warn Watchdog Against Being First on New Capital Rule

British lenders are warning regulators not to get ahead of other countries with their first big set of rule changes following Brexit and the recent banking collapses.

Banks are asking for more time to adopt Basel 3.1 capital reforms if there are delays to the process in the US and European Union, so that large lenders do not have to contend with different regimes, according to a document published by trade body UK Finance on Friday.

All three jurisdictions have said they will implement the guidelines, agreed upon in 2017 and postponed several times, from January 2025. However, the ...