The pandemic and the war in Ukraine have delayed the implementation of Basel III in many markets, with push backs from some of the biggest economies. In Asia, as some jurisdictions move ahead, it risks creating an uneven banking sector that the rules sought to avoid.
It was supposed to turbocharge the City of London’s fortunes, but in the end the government’s long-awaited financial services bill was a bit of a damp squib. It will, however, entrench tensions between the government and regulators with potentially dangerous consequences.