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In December 2022, Charlie Geffen was appointed to chair the Accelerated Settlement Taskforce to explore the potential for faster settlement of securities trades in the UK. The taskforces report was published on 28 March 2024, which recommended that the UK should move to a T+1 settlement cycle no later than the end of 2027.
Following this, the government appointed Andrew Douglas to chair a Technical Group to take forward the next phase of the work. The group was asked in its terms of reference to develop a detailed implementation plan for the UK transition to T+1 and to recommend a date before the end of 2027 for this to take place.
The Technical Groups report recommends 12 critical and 27 highly recommended actions to facilitate a successful transition to T+1. It also recommends that the UK move to T+1 on 11 October 2027. The government welcomes this report and will set out its response shortly.