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FCA warns City sloths: Prepare for T+1 or face intense regulatory scrutiny

Andrew Douglas (Moderator) Chair, UK Accelerated Settlement Taskforce; Daniel Carpenter, Chief Executive Officer, Meritsoft (a Cognizant company); Marie-France Dessertenne, Global T+1 Program Manager, BNP Paribas Securities Services; Heather Pilley, Technical Specialist, FCA; Aerron Reynolds, Business Consulting Associate Director, DTCC
Andrew Douglas (Moderator) Chair, UK Accelerated Settlement Taskforce; Daniel Carpenter, Chief Executive Officer, Meritsoft (a Cognizant company); Marie-France Dessertenne, Global T+1 Program Manager, BNP Paribas Securities Services; Heather Pilley, Technical Specialist, FCA; Aerron Reynolds, Business Consulting Associate Director, DTCC. Photo: Jean Hurley/GRIP

FIs dragging their feet on the UK’s transition to a T+1 settlement cycle have been dealt a stern warning by the regulator.

​Speaking on a packed panel at the AFME OPTIC 2026 conference titled “12 Months to T+1 – Will We Be Ready?,” FCA Technical Specialist Heather Pilley laid out clear expectations for the market as the countdown accelerates toward the UK’s go-live date of October 11, 2027.

​While large sell-side institutions

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