Global Trustee and Fiduciary Services Bite-Sized Issue 7 2024

15 QUICK LINKS CBDC CYBERSECURITY DIVERSITY DORA FINTECH IOSCO MICA OPERATIONAL RESILIENCE PRIIPS RETAIL INVESTMENT PACKAGE SUSTAINABLE FINANCE/ ESG T+1 TOKENISATION ASIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2024 • Evaluating ways in which broker and adviser standards of conduct might be impacted by technological changes in the market; • Exploringmeans to increase transparency in andmaintain investor access to the privatemarkets; • Encouraging innovative and effective disclosure through investor testing of existing and proposed disclosures, especially those associated with complex products and private markets; and • Increasing investor engagement and input on matters of significance to retail investors. Link to Report to Congress here UNITED KINGDOM Consumer Duty Events: 1 Year On The Consumer Duty sets a higher standard of consumer protection in financial services. It came into force on 31 July 2023 for new and existing products and will apply to closed products and services from 31 July 2024. On 27 June 2024, the Financial Conduct Authority (FCA) announced that to mark these milestones it is livestreaming an event on 31 July 2024. The FCA says it will focus on: • The impact the Duty has had in its first year. • Examples of good practice and areas for improvement. • The FCA’s priorities for the year ahead The FCA says that attendees will be able to submit questions when registering. The FCA also says that it will use these to shape the questions during the panel discussion. Link to FCAWebpage here Update of Consumer Duty Webpage – Information for Firms – Annual Board Reports On 26 June 2024, the Financial Conduct Authority (FCA) updated its Consumer Duty webpage – Information for Firms – on annual board reports. The FCA’s rules require a firm’s board, or equivalent governing body, to review and approve a report on the outcomes received by retail customers. This assessment needs to be done at least once a year, so for firms with new and existing products and services the first report is due by 31 July 2024. On its webpage the FCA says that that the assessment should include: • The results of the monitoring you have undertaken to assess whether products and services are delivering expected outcomes in line with the Duty; • Any evidence of poor outcomes, including whether any group of customers is receiving worse outcomes compared to another group, and an evaluation of the impact and the root cause; • An overview of the actions taken to address any risks or issues; and • How the firm’s future business strategy is consistent with acting to deliver good outcomes under the Duty. Before signing off the assessment, the FCA says that the board or equivalent governing body should agree: • The action required to address any identified risks; • Any action required to address poor outcomes experienced by customers; and • Whether any changes to the firm’s future business strategy are required.