Global Trustee and Fiduciary Services Bite-Sized Issue 2 2025

19 QUICK LINKS BENCHMARKS REGULATION CRYPTOASSETS DORA EMIR FSB MIFID II/MIFIR MMF SUSTAINABLE FINANCE/ESG T+1 ASIA EUROPE INTERNATIONAL LUXEMBOURG NETHERLANDS NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 2 | 2025 FCA Responds to Government on Approach to Support Growth On 16 January 2025, the FCA published a letter, from its Chief Executive, Nikhil Rathi, addressed to the UK Government, which responds to the UK Chancellor’s recommendations on ‘a new approach to ensure regulators and regulations support growth.’ In relation to reducing the regulatory burden, Rathi says the FCA is already working to remove unnecessary regulation and reduce how much data some firms must provide, and planned in 2025 to: • Streamline its handbook following industry input on rules which could be removed or simplified; and improve accessibility and efficiency with a machine-readable version. • With the Bank of England/PRA, continue reducing reporting burdens for firms. • Make the Senior Managers and Certification Regime more flexible. Rathi says the FCA will now go further and: • Remove the need for a Consumer Duty Board Champion now the Duty is in effect. • Ensure future consultations on consumer protection ask if the Consumer Duty is sufficient rather than new rules. • Begin simplifying responsible lending and advice rules for mortgages, supporting home ownership and opening a discussion on the balance between access to lending and levels of defaults. • Consult on removing maturing interest-only mortgage and other outdated guidance. • Work with Government to remove overlapping standards, e.g. the Mortgage Charter. • Review the proportionality of reporting requirements and remove redundant returns, initially expected to benefit 16,000 firms. In the letter Rathi says the FCA could go even further and, with Government support, reduce costs of anti-money laundering measures, relaxing know your customer requirements on small transactions. If accelerated, Rathi says the FCA could reduce burdens further and faster. Link to FCA Letter here Link to UK Chancellor Announcement to Ramp up Engagement with Financial Services Leaders to Bolster Plans to Grow the Economy (20 January 2025) here