No.
A year ago, ICAO changed their standards to allow the period of a class one medical to extend from 6 months to 12 months for pilots aged 40 - 59, in multi-crew operations. Some other states have adopted the new standard into their own national requirement. Unfortunetaly the JAA have decided on a "consultation process" which is likely to result in the same adoption, however at this time there is no clear timetable. There are likely to be delays in moving licensing (and medicals) to the new European aviation Safety Agency (EASA). In fact the transistion that was originally planned for late 2006 (now) may not happen until 2008 or 2009 ! This delay may well have a consequential delay to the JAA member states (including the UK) adopting the new ICAO standard.
In other words it will happen but perhaps not for a while yet.
All the above courtesy of my AME.