Global Trustee and Fiduciary Services Bite-Sized Issue 8 2026

6 AIFMD CRYPTOASSETS EMIR FINTECH IOSCO MIFID II/MIFIR OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2026 Quick Links The supervisory authorities note that reliance on a select group of IT service providers poses risks to the continuity of digital services for citizens and businesses. Disruptions, cyber incidents and geopolitical developments can have major consequences for the businesses, governments and society at large. Heavy reliance on a small number of non-European service providers also restricts freedom of choice and makes switching providers costly and complex. Greater digital autonomy means giving organisations that use IT services more freedom of choice and control, with the aim of increasing their resilience. Rather than full technological independence, this requires a more open IT architecture and decision-making that support collaboration between different IT service providers, facilitate switching and promote competition. To strengthen digital autonomy, the supervisory authorities have presented some recommendations to the Dutch government, the corporate sector and IT service providers: • The government can act as a driving force by pooling demand for European digital services and acting as a launch customer. • Public authorities and businesses should make digital autonomy a key consideration when procuring IT services. This can be achieved, for example, by requiring the use of open standards, interoperability and support for switching providers. • Businesses could collaborate within their sectors and act as launch customers for sector- specific IT services. Competition rules provide ample scope for such collaboration. • IT service providers could collaborate more closely to develop robust European alternatives that contribute to greater freedom of choice and increased digital resilience. Link to the Report here FCA Publishes Landmark Review into Impact of AI on Retail Financial Services On 6 July 2026, the Financial Conduct Authory (FCA) published the results of a review setting out how AI could reshape retail financial services for consumers, firms, markets and regulators by 2030 and beyond. Led by FCA executive director Sheldon Mills and commissioned by the FCA Board, The Mills Review is, according to the FCA, the first work of its kind initiated by a regulator globally. Drawing on views from across the financial services landscape, the review identifies 4 major AI‑driven shifts likely to impact retail financial services: 1. The transformation of firm operations; 2. The evolution of consumer journeys; 3. The reshaping of competition and market power; and 4. The amplification of fraud and cyber risks. The review found there is already consumer appetite for the use of agentic AI in personal finance, with research commissioned by the FCA showing that a fifth of people – equivalent to 11 million UK adults – are likely to use AI that can act autonomously within pre-set goals. But consumers in the survey are concerned about trust and control of AI. The review concludes that AI is likely to become a defining force in retail financial services, transforming how firms operate, how consumers make financial decisions and howmarkets function. While AI has the potential to improve access, personalisation and efficiency, it could also amplify risks associated with fraud, cyber security, consumer harm and market concentration. The review also outlines 7 recommendations for the FCA Board and Executive to consider, which are as follows: 1. Secure and adapt the regulatory perimeter; 2. Strengthen system-wide coordination and oversight; 3. Monitor the transition to autonomous models and adapt regulatory frameworks;