Global Trustee and Fiduciary Services Bite Sized Issue 12 2024

18 QUICK LINKS COSTS & CHARGES CSDR CRYPTOASSETS EMIR FINTECH FSB FUND LIQUIDITY MIFID II/MIFIR NBFI OPERATIONAL RESILIENCE SUSTAINABLEFINANCE/ESG T+1 ASIA NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2024 UNITED KINGDOM Chancellor Delivers Mansion House Speech On 14 November 2024, Chancellor of the Exchequer Rachel Reeves MP, announced a package of reforms designed to drive growth and competitiveness in UK financial services. The measures that form the Mansion House package include: • As part of the Industrial Strategy, the government is developing a Financial Services Growth and Competitiveness Strategy, to be published in Spring 2025. The government has published a call for evidence to inform development of the Financial Services Growth & Competitiveness Strategy. • Publish the interim report of the Pensions Investment Review which puts forward proposals to deliver a major consolidation of the UK pension system. • Consult on delivering a consolidation of the Defined Contribution market and the Local Government Pension Scheme. • Deliver the foundations of a sustainable finance framework to drive investment in the green transition and deliver economic growth. This includes: – Publish a consultation to gather views on the value case for launching a UK Green Taxonomy as part of a wider sustainable finance framework. – Announce the intention to consult on streamlined sustainability disclosures for economically significant companies. – Consult in the first half of 2025 on how best to take forward the manifesto commitment on transition plans. – Publish a consultation response and draft legislation to bring ESG ratings providers into regulation. – Deliver one of the key recommendations from the recently published Transition Finance Market Review by co-launching the Transition Finance Council with the City of London Corporation. – Launch a set of integrity principles for voluntary carbon and nature markets on 15 November at COP29 ahead of a consultation in the new year. • Issue new remit letters to the Financial Conduct Authority (FCA), Prudential Regulation Committee, Financial Policy Committee and Payment Systems Regulator to ensure a greater focus on growth. • Reaffirm the remit for the Monetary Policy Committee (MPC) for the coming year. • Continue the Advice Guidance Boundary Review to help households make well-informed choices about their finances. This will start with an FCA consultation on pensions by the end of the year. • Announce a package of measures that will modernise the rules underpinning the Financial Ombudsman Service. • Consult on abolishing the Certification Regime that applies to staff below the senior management level, so that it can be replaced with a more proportionate approach. • Calling for the tech and telecommunications sectors to go further and faster to tackle fraudulent content on their platforms. • With respect to the mutual and co-operative sector: – Publish a call for evidence seeking views on the merits of, and considerations for, reforming credit union common bond requirement for membership in Great Britain. – Write to the Financial Conduct Authority and Prudential Regulation Authority requesting a report on the current mutuals landscape. – Welcoming the establishment of an industry-led Mutual and Co-operative Business Council.