Information on UK's transition to next-day securities settlement - July 2026

I am writing to request information on the FCA's oversight of the UK's transition to next-day securities settlement, known as T+1. The FCA sent a letter to firms in October 2025 saying that it may start requesting transition plans to ensure their readiness - https://www.fca.org.uk/publication/correspondence/dear-compliance-officer-fca-expectations-uk-t-plus-1-settlement.pdf

Please can you provide the following:

1. How many firms the FCA sent its October 2025 letter to and a breakdown of this figure by the type of firm (eg asset managers, alternative investment firms)
2. Whether the FCA has since requested transition plans from firms since the October 2025 letter
3. If it has made such requests, please provide the number of firms it has requested information from as well as a breakdown of this figure by the type of firm and the month/year that the FCA made each request (e.g. 3 requests in June 2026 sent to 2 asset managers and 1 alternative investment firm)
4. Copies of any such requests the FCA has sent to firms asking for information on transition plans. This may include a standardised form for data collection
5. Copies of any sector-wide letters the FCA has sent to firms regarding T+1 since its communications in October 2025

We would first like to explain that in our ‘Dear Chief Compliance Officer (CCO)’ letter to asset managers and alternatives we did not say that we would start requesting transition plans from firms to ensure their readiness. Instead, we said that ‘we may, where necessary, ask your firm to tell us the plans you have in place to transition to T+1 settlement ahead of the deadline’. This is aligned with our broad supervisory strategy in which we speak to a representative sample of participants across wholesale markets and ask them to tell us about their plans for the T+1 transition as well as if they expect to be able to meet the Accelerated Settlement Taskforce (AST) recommendations with a 2026 deadline by the end of the year. This helps inform our assessment of participants’ preparedness for the T+1 transition. You can find more information on our expectations of participants as well as reflections from our market engagement on our website. We are planning on issuing further communications soon.

Our response to your specific questions asked is below.