Global Trustee and Fiduciary Services Bite-Sized Issue 1 2025

22 QUICK LINKS AIFMD CRYPTOASSETS EMIR FINTECH MIFID II/MIFIR MMF NBFI OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA IRELAND LUXEMBOURG NETHERLANDS NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 1 | 2025 • Challenge from the board: – It was not always evident that there had been effective challenge from firms’ governing bodies on the content of the reports, for example, through the minutes of board meetings. • Taking effective action: – Some action plans and improvements were not accompanied by further details such as timescales, action owners, and clarity on the data that would be used to evidence good outcomes. The FCA says that it recognises that every firm’s Board report will be different. The examples of good and poor practice are not intended to be prescriptive in terms of what board reports must contain – they are being shared to enable firms to decide for themselves how to improve the board oversight and board reporting processes in the next year of embedding the Consumer Duty. Link to Report here FCA Responds to HM Treasury Remit Letter The FCA published, on 9 December 2024, its response to HM Treasury’s remit letter, published as part of the November 2024 Mansion House package recommending a greater regulatory focus on growth. The letter provides an overview of: • Measures intended to support growth, including an intention to conclude reforms to secondary capital raising, to consult on the Private Intermittent Securities and Capital Exchange System (PISCES), to streamline the FCA Handbook, and to consult on proposals for targeted support in pensions as well as more broadly in relation to customer advice on retail investments; and • The forthcoming FCA strategy for 2025-2030, which will focus on growth, financial crime, consumer resilience, and operational effectiveness and efficiency. The letter also covers the FCA’s intended approach to its role in international fora, and its intention to develop an appropriate risk appetite that builds trust in the UK financial services sector while contributing to its growth and success. Link to FCA Letter here FCA: Consumer Duty Focus Areas for 2024/25 On 9 December 2024, the FCA published a webpage setting out its priorities under the Consumer Duty for the remainder of 2024/25. Its four focus areas are: • Embedding the Consumer Duty and raising standards; • Enhancing understanding of the price and value outcome; • Ongoing sector-specific priorities; and • Realising the benefits of the Consumer Duty. The FCA has also updated its Consumer Duty resources webpage. Link toWebpage Update here