Global Trustee and Fiduciary Services Bite Sized Issue 7 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2023 15 QUICK LINKS CRYPTOASSETS CYBER DORA ELIGIBLE ASSETS DIRECTIVE FINANCIAL STABILITY BOARD FINTECH LTAF MICA MIFID II/MIFIR NBFI SUSTAINABLE FINANCE/ ESG ASIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Also on 28 June 2023, the FCA released its latest podcast: Explaining Consumer Duty outcomes monitoring. In the podcast Ed Smith, FCA Head of Competition Policy, outlines why the FCA put these requirements in place, how firms should go about monitoring outcomes, and the processes they should use to ultimately ensure they achieve good outcomes for their customers. And finally, on the same day, the FCA published the results of its Spring 2023 Consumer Duty Firm Survey. Key findings included that: • There were very high levels of engagement and understanding of the Consumer Duty, including in many of the sectors where historically regulatory change has had lower levels of engagement. • Most firms believed they were on course to implement the Consumer Duty by the 31 July deadline. 64% of firms surveyed said they would be fully compliant by the deadline and a further 23% said they would comply with most requirements by the deadline but would still have some work to do. 7% of firms surveyed said they would still have significant work to do after the deadline or had not started work on the Consumer Duty. • Firms had made use of the support provided by the FCA and found it helpful. The two areas that firms said they would like more information on were outcomes monitoring and the price and value outcome. The FCA stated that since firms were surveyed it had published a review of firms’ fair value assessment frameworks which includes good and poor practice to help firms implement this aspect of the Consumer Duty, and a podcast explaining how firms need to monitor outcomes for consumers after the Duty comes into force. Link to FCAWebpage One Month to go for the Consumer Duty here Link to Latest Inside FCA Podcast here Link to FCA Consumer Duty Firm Survey Spring 2023 here Vote Reporting Group Consults on Shareholder Vote Reporting On 21 June 2023 the Vote Reporting Group (the Group), an independent working group established by the FCA, published a consultation which proposes a voluntary, standardised and comprehensive ‘vote reporting template’ for asset managers to communicate to asset owner clients on their voting activity. The Group states that these proposals should provide asset owners with more consistent, up-to- date and comparable data, allowing asset owners to make timely and accurate decisions while increasing reporting efficiency for asset managers. The questions included in the consultation cover: • Standard field proposals; • Vote category fields; • Vote rationale fields • Frequency of reporting; • Client-led voting; • Ownership of the template; • Public registry; and • Further comments. The deadline for responses to the consultation is 21 September 2023. Link to Consultation here