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

22 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 HMT’s policy update sets out details of how the UK Government intends to deliver this. HMT notes that introducing a provisional licence regime will require primary legislation, and the UK Government will take this forward when parliamentary time allows. The FCA will engage with industry on the design of the regime and consult as necessary. Link to Policy Update here FCA Simplifies Complaints Reporting Process On 3 December 2025, the FCA confirmed plans to streamline the way firms report complaints to them. The FCA says that the improvements will improve data quality and strengthen consumer protection across the sector. Five separate existing complaints returns will be replaced by a single consolidated return. The FCA says that a key feature of the new process is the requirement for firms to report complaints involving customers in vulnerable circumstances. This will enable the FCA tomonitor outcomes for those at risk and ensure that firms are providing appropriate support to those customers. The FCA adds that it will also introduce improved guidance and fixed 6-month reporting periods for all firms. Finally, the FCA says that it will work closely with industry to support a smooth transition to the new reporting process, with the first reporting period under the new process running from 1 January to 30 June 2027. Link to FCA Update here Link to FCA Policy Statement PS25/19 here