Global Trustee and Fiduciary Services Bite-Sized Issue 11 2025

19 QUICK LINKS AIFMD CBDC CRYPTOASSETS DIGITAL ASSETS FINTECH FSB MIFID/MIFIR (UK) IFR/IFD OPERATIONAL RESILIENCE OUTSOURCING SUSTAINABLE FINANCE/ESG T+1 TOKENISATION ASIA PACIFIC EUROPE NETHERLANDS NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 11 | 2025 UNITED KINGDOM HM Treasury Publish Updated Regulation Action Plan On 21 October 2025, HM Treasury (HMT) published ‘Regulation Action Plan – Progress Update and Next Steps’. Six months since the Action Plan’s publication, HMT have set out the tangible progress it has made to deliver that vision and where HMT will go further and faster to do so, updating on the Plan’s three themes: • Tackling the complexity and burden of regulation; • Reducing uncertainty across the UK’s regulatory system; and • Challenging risk aversion. In relation to reducing uncertainty across the UK’s regulatory system, HMT says that it is determined to align key regulators’ activities and decisions more closely with the Government’s Growth Mission while ensuring they fulfil their policy intent. It will reform the Growth Duty so that the legal framework is clearer, more focused and ensures regulators must consider and promote growth. HMT says that it will work with regulators to ensure they have clarity from government regarding what growth means for them. In terms of stronger performance and accountability, HMT also says that it will launch a Regulator Dashboard, displaying performance against KPIs and authorisation processing times across the initial 16 key regulators which committed to review their KPIs as part of the Regulation Action Plan, making it easier for businesses and stakeholders to monitor regulator performance and access relevant information. HMT adds it will then go further by enhancing dashboard functionality to improve user experience, expanding coverage to include a broader range of regulators and leveraging stakeholder feedback directly through the dashboard to scrutinise performance metrics. Link to Updated Regulation Action Plan here Chancellor Launches New Investment Fast Track to Make Britain Top Destination for Global Investors On 17 October 2025, the UK Chancellor launched a new one-stop support service to make the UK more attractive to global investors and create jobs and opportunities for working people across the UK. The UK Chancellor Rachel Reeves announced the fully operational Office for Investment: Financial Services during the IMF’s Annual Meetings in Washington DC. The Government says that the new ‘concierge’ service will help global financial services firms pick locations, navigate regulation and get to grips with the Britain’s business environment – removing barriers to investment in the UK. This will be the single front door for international financial services firms wishing to set up or expand their operations in the UK. The free service, delivered by the Office for Investment, is a partnership between HM Treasury, financial regulators and the City of London Corporation and delivers on commitments made in the Chancellors’ Mansion House speech to reduce regulatory uncertainty and make Britain the best place in the world to invest and do business. Link to Office for Investment: Financial Services Webpage here PRA and FCA Announce Changes to Banker Bonuses for 2025 On 15 October 2025, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) confirmed plans to increase flexibility around senior banker pay, alongside changes to create better links between bonus awards and responsible risk-taking. In a press release from the Bank of England (BoE), it stated that the amount of time that senior bankers must now wait before receiving their full amount of bonus – a bonus deferral period–will be cut from eight to four years, and that the proposals bring the UK more closely in line with many other major jurisdictions.