Global Trustee and Fiduciary Services Bite-Sized Issue 1 | 2026

20 QUICK LINKS AI BENCHMARKS REGULATION (UK) CRYPTOASSETS EMIR FSB FUND LIQUIDITY MIFID/MIFIR IOSCO RETAIL INVESTMENT STRATEGY SAVINGS & INVESTMENTS UNION SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE IRELAND NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 1 | 2026 • Review of data collection for asset managers and funds (NEW) . • Repeal and replacement of the AIFMD, making it more streamlined and tailored to UK markets. Link to Latest Regulatory Initiatives Grid (9th Edition) here Millions of People Set to Get Extra Help with Investments and Pensions Decisions On 11 December 2025, the FCA announced that over the next decade at least 18 million people could be offered extra help with their investments and pensions with the introduction of targeted support by the FCA. The FCA says that this ground-breaking new service will allow firms to make specific suggestions to consumers – so they can make better informed decisions about what to do with their money. The FCA explains that the need for greater support is stark. According to its latest data, the FCA says that there were around 7 million adults in the UK with £10,000 or more in cash savings who could be missing out on the benefits of investing throughout their lives. Fewer than 1 in 10 people obtain regulated financial advice. However, nearly 1 in 5 investors turn to social media for help making decisions. What can people expect with targeted support? The FCA says that targeted support is a flexible and futureproof framework underpinned by the Consumer Duty. It will enable firms to innovate and better support their customers. Additionally, consumers will receive recommendations, but they will not be based on a full, in- depth individual assessment. Firms will need to make sure the recommendations are suitable and should only be offered when it puts consumers in a better position. The FCA is also consulting on ways to further modernise pension rules, including projections and non-advised defined contribution transfers to strengthen consumer protection as part of wider government and regulatory reforms. Link to PS25/22 – Supporting Consumers’ Pensions and Investment Decisions: Rules for Targeted Support here Link to CP25/39: Adapting Our Requirements for a Changing Pensions Market here FCA and PRA Publish Letters to the Prime Minister on Regulatory Approaches to Growth On 10 December 2025, the FCA and Prudential Regulation Authority (PRA) published letters to the Prime Minister outlining completed and planned regulatory changes to support economic growth. In its Letter the FCA says that it has set out ambitious new growth measures for 2026 including supporting UK-issued stablecoins to provide faster and more convenient payments. The FCA also says that, following nearly 50 growth commitments laid out at the start of the year, the vast majority have been met, and more initiatives to support growth have also been delivered. Next year, the FCA says it will deliver a new wave of growth initiatives to focus on more efficient supervision, the digitalisation of financial services, increasing SME lending, and boosting trade and international competitiveness. Plans include deepening US-UK market integration through the Transatlantic Taskforce for Markets of the Future; and preparing to enable some early-stage firms to conduct regulated business before full authorisation, for when legislation is passed. Flagship growth reforms that have been delivered in 2025 include: • Unlocking capital investment and liquidity; • Accelerating digital innovation; • Reducing regulatory burden;