Global Trustee and Fiduciary Services Bite-Sized Issue 3 | 2026

16 QUICK LINKS AI DIGITAL ASSETS EMIR FINTECH FSB IOSCO MIFID II/MIFIR SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2026 UNITED KINGDOM New FCAWebpage: About the Consumer Duty On 24 February 2026, the Financial Conduct Authority (FCA) published a new Consumer Duty webpage, including information on the three cross-cutting rules and the four outcomes that it says it expects firms to deliver. The FCA explains that the four outcomes are a suite of rules and guidance that set more detailed expectations for firm conduct in four areas that represent key elements of the firm-consumer relationship. These are: • The governance of products and services; • Price and value; • Consumer understanding; and • Consumer support. In its new webpage the FCA explains for each outcome both what it wants from firms and also what it expects. Separately, the FCA says that smaller firms’ implementation of requirements around the Consumer Duty may look slightly different. However, they are still expected to deliver the same good outcomes as all other firms. The FCA says that it recognises that smaller firms have limited resources and that proportionality means applying the Consumer Duty in a way that fits a firm’s size and customer base. The FCA states that the Consumer Duty is outcomes-based, not process-heavy, and evidence should be proportionate to the firm’s scale and complexity. On the same day the FCA announced that it had updated its examples of good and poor practice with extra insight on how smaller firms can meet the FCA’s requirements. Link to FCAWebpage here Link to FCA’s Updated Good and Poor Practice here Landmark Agreements Secured After First UK-China Financial Working Group in Beijing On 3 February 2026, UK City Minister and Economic Secretary to the Treasury Lucy Rigby announced the launch of the UK-China Financial Working Group in Beijing during the Prime Minister’s visit to China, where they were accompanied by over 50 representatives from British business, including 11 financial and professional services firms – making it the most represented sector. HMTreasury says that fostering secure and resilient growth was a key focus of the Financial Working Group, with technical discussions held between UK and Chinese regulators around deepening cooperation on financial stability, supervision, and regulatory developments in bothmarkets. The UK-China Financial Working Group is a new formal mechanism for structured, substantive, and technical discussions on financial policy between government and regulatory authorities in both countries. It operates under the framework of the UK-China Economic and Financial Dialogue and reports directly to the Chancellor Rachel Reeves and Chinese Vice Premier He Lifeng. The inaugural meeting was held on Saturday 31st January 2026 in Beijing and brought together senior officials fromHM Treasury, the Bank of England, the Prudential Regulation Authority, and the Financial Conduct Authority alongside their Chinese counterparts from the People’s Bank of China, the Ministry of Finance, and financial regulators. Link to HM Treasury Press Release here