April 5, 2013 - The majority of financiers involved in the Basel Committee on Banking Supervision (BCBS) failed to meet the deadline of January to begin implementing new capital rules.

That is according to a new report published yesterday (4 April) by the BCBS, which revealed that just 11 of its 27 members approved the introduction of the Basel III regulations in time.

Following the global banking crisis that began in 2008, regulators from across the world came together to create a fresh set of guidelines for financiers to adhere to in order to improve the state of their balance sheets and make them less susceptible to future economic shocks.

Participants were supposed to have made preparations so these guidelines could be implemented in January, although the study noted that some of the biggest financial centres in the world - such as the UK, US and Germany - have yet to finalise their plans.