Global Trustee and Fiduciary Services Bite-Sized Issue 9 2025

15 QUICK LINKS CRYPTOASSETS CYBERSECURITY EMIR (UK) FINTECH MIFID/MIFIR (UK) SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2025 • Lucy Castledine, Director of Consumer Investments – Two years on: how the Consumer Duty is putting pounds back in pockets. • Alison Walters, Director of Consumer Finance – Consumer Duty at two: Progress, partnership, and the path ahead. • Matt Brewis, Director of Insurance – From reflection to action: The Consumer Duty’s impact on insurance. • Charlotte Clark, Director of Cross-cutting – Happy 2nd Anniversary Consumer Duty! Next steps on simplifying the FCA rulebook In the same update, the FCA explains that in July it hosted its Regulatory Summit i n London, bringing together industry and consumer organisations to explore how the FCA can simplify its rulebook. In September, the FCA says it will update on the next steps of its work, alongside its plans to address concerns about the application of the Consumer Duty for firms primarily engaged in wholesale activity. Link to FCA Update here First PISCES Operator Gets Greenlight in Drive for Growth On 26 August 2025, the FCA announced that it had approved the London Stock Exchange to operate a Private Intermittent Securities and Capital Exchange System (PISCES) platform, a new type of private stock market. The platformwill bring together buyers and sellers of shares in private companies to trade on an intermittent basis. Breaking new ground with the world’s first regulated private stock market, the FCA says that PISCES is a great example of industry, government and regulators working together to go further and faster on innovative reform. The FCA explains that the PISCES platformwill be delivered through a sandbox, which allows the FCA to test the design before finalising a permanent regime in 2030. Trading systems could include periodic auctions, as well as occasional and time-limited periods of continuous trading. Firms wishing to run a PISCES platformmust apply to the FCA, and once approved are able to run intermittent trading events. The FCA published pre-application support and application support for firms interested in applying to be a PISCES operator. Link to FCA Announcement here

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