Global Trustee and Fiduciary Services Bite-Sized Issue 4 2025

14 QUICK LINKS BENCHMARKSREGULATION CMU/SIU DORA FINTECH IOSCO MIFID II/MIFIR SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2025 The FCA says that supervisory publications to be withdrawn include Dear CEO letters, Portfolio letters, and Multi-firm and Thematic reviews that pre-date the FCA’s 2022-2025 strategy. Adding that it plans to hold an in-person summit in summer 2025 and will publish a further statement to outline its full programme of work in September 2025. Link to FS25/2 here Update on the FCA’s Enforcement Transparency Proposals In a Statement published 12 March 2025, the FCA stated that it had published a letter (dated 11 March 2025) to the Treasury Select Committee, setting out significant improvement in the pace of its investigations as well as next steps on its approach to transparency of enforcement investigations. Given the lack of consensus, the FCA says it will not take forward its proposal to shift from an exceptional circumstances test to a public interest test for announcing investigations into regulated firms. Following extensive engagement, the FCA says there is support for reactively confirming investigations already in the public domain; public notifications which focus on the potentially unlawful activities of unregulated firms and regulated firms operating outside the regulatory perimeter; and publishing greater detail of issues under investigation on an anonymous basis. The FCA says that it will take forward these proposals and publish its final policy by the end of June. Joint FCA and PRA update on diversity and inclusion In 2023, the FCA and Prudential Regulation Authority (PRA) consulted in parallel on proposed rules and expectations aimed at improving diversity and inclusion in regulated firms. In light of the broad range of feedback received, expected legislative developments and to avoid additional burdens on firms at this time, the FCA says it and PRA have no plans to take thework further. FCA update on non-financial misconduct The FCA says it continues to prioritise its work to tackle non-financial misconduct, which it believes can help to improve outcomes for markets and consumers and reduce harm. But the FCA says it is important that its approach is proportionate and aligned with planned legislation, so it is taking some further time to get this right and plans to set out next steps by the end of June 2025. Link to FCA Statement here FCA: Consumer Support Outcome: Good Practices and Areas For Improvement On 7 March 2025, the FCA published ‘Consumer Support Outcome: Good Practices and Areas For Improvement’, which sets out the FCA’s findings of its review of firms approaches to the consumer support outcome of the Consumer Duty. The FCA says that it wants firms to provide a level of support that meets customers’ needs throughout their relationship with the firm and its examples of good practices and areas of improvement are intended to help firms understand the FCA’s expectations and continue evolving their approach. Overall findings – good practices included: • Proactively understanding the needs of customers; • Reviewing customer journeys to ensure support is easily accessible; • Building a culture that delivers good customer support outcomes; and • Monitoring whether customers are receiving the support they need.