UK adjusts timetable to Basel II delays

London - UK regulators said today they would implement their plans for uniform, risk-based rules for UK-based banks, insurance companies and securities firms in several stages, instead of one or two, following delays to the Basel II bank accord.

The Financial Services Authority (FSA), the UK’s chief financial market regulator, said it planned to start applying the rules to insurance companies in 2004. The final stage will now be in late 2006 when the Basel II and EU rules are planned to come into force for UK-based banks, building societies and investment firms.

The FSA gave the timetable today when it published a number of consultation papers and policy statements, including a consultation paper on operational risk, which will

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