Global Trustee and Fiduciary Services Bite Sized Issue 8 2025

14 QUICK LINKS CBDC CRYPTOASSETS CSDR EMIR FINTECH FSB OPEN FINANCE OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA PACIFIC NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2025 The Chancellor noted that the “biggest reforms” would include: • Reform to the Financial Ombudsman Service; • New targets for the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to cut times on authorisations and approvals; • Assessing the impact of the Consumer Duty and whether it unduly effects wholesale activity; and • Streamlining the Senior Managers and Certification Regime; Further reforms include: • Introducing a new competitive framework for captive insurance; • “Futureproofing” the asset management regulatory regime; • Working with regulators through the Transition Finance Council to capitalise on the £200 billion opportunity of the global transition to net zero; • PRA and FCA launching a scale-up unit to support innovative firms to grow in the UK, including in the UK’s payments system; • Driving forward developments in blockchain technology including tokenised securities and stablecoins and a design for a new digital gilt instrument; • Long-Term Asset Funds to be included in stocks and shares ISAs; and • A campaign to promote the benefits of retail investment – to launch April 2026. The Strategy provides further detail on its asset management objectives and its aim to make the UK the most attractive place to manage investments globally. The three core objectives are: • Placing portfolio management at the heart of policymaking – The government will continue to review areas where regulation puts the UK at a competitive disadvantage compared to other jurisdictions. The government will also pursue strong cross-border relationships to ensure existing offshore delegation models continue to work effectively; • Make the UK a world leader for managing private markets assets – This will include work to streamline the Alternative Investment Fund Managers Regulations, bringing forward the next phase of this work in early 2026, and pursuing an ambitious package of reforms for venture capital fund managers to ensure the rules are properly calibrated to the activity these firms undertake; and • Deliver a future-proofed regulatory regime for asset management and champion innovation – This includes the development of tokenisation, artificial intelligence, changing demographics and shifting consumer demands. As well as through the FCA’s consultation on the direct-to- fund model, and by maximising consistency between the relevant areas of regulation applying to the sector. Link to Mansion House Speech here Link to the Strategy here Link to HM Treasury Mansion House Webpage here FCA and PRA Cut Senior Manager Regime Red Tape to Help Boost Growth On 15 July 2025, the FCA and PRA announced the first phase of reforms intended to streamline the Senior Managers & Certification Regime (SM&CR). The two regulators say the changes will make the regime more effective and efficient and drive growth in financial services. Prompted by the UK government’s consultation on legislative changes to the regime (see below) – including removing the Certification Regime and increasing flexibility for the regulators to reduce the number of senior management functions (SMFs) which require pre-approval – the regulators say the proposals aim to make the regime less onerous on firms, while continuing to protect consumers and markets, and the safety and soundness of firms.