UK banks and investment banks based in London have asked for a four-year extension to the so-called Basel II capital accord, according to a report in the Financial Times.
The FT quotes from a submission filed by the British Bankers Association and the London Investment Bankers' Association to the committee drafting the new capital rules.
"The new accord, as currently drafted, is unduly complex and will be difficult for our members to implement and for national regulators, even in the G10, to supervise," they said.
The lobby groups propose that the existing rules be retained as an option throughout the transitional period up until 2010, for fear of "inadvertent non-complicance" by member banks.