On 6 February 2025, the UK Accelerated Settlement Task Force published its final implementation plan for the UK’s transition to T+1 by 11 October 2027. The plan includes a Code of Conduct for market participants, with 12 critical operational actions and 25 highly recommended actions.

The Task Force outlines the following next steps for market participants:

    2025

1. Review and assess internal processes against the Code of Conduct to identify required changes and automation solutions for all critical and highly recommended actions in settlement, static data, corporate actions, SFT and FX;
2. Establish a project plan for your T+1 transition needs and secure funding for required development and automation, noting UK public authority support; and
3. Start behavioural changes and automation projects as soon as practicable.

    2026

1. Continue implementation of behavioural and implement process change as required; and
2. Review and assess Playbook actions to identify any changes they require.

    2027

1. Implement Playbook requirements and continue implementation of automated solutions and behaviours where not already completed;
2. Test process changes and automated solutions where not already completed; and
3. Test full T+1 capability.

    2027 – Transition weekend

1. Implement remaining T+1 actions.

Where possible, firms are encouraged to comply with the T+1 settlement cycle requirements before the Task Force’s recommended end dates.

A hybrid launch event will be taking place on Thursday 20 February. The event will be an opportunity for firms to hear the Task Force detail its critical recommendations and hear from HM Treasury, the Bank of England, the FCA and firms who have started to plan for T+1. Firms can register here to attend the event in-person or online.

If you have any questions on the transition to T+1, please contact Aniqah Rao.