Global Trustee and Fiduciary Services Bite-Sized Issue 8 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2023 18 QUICK LINKS ANTI-MONEY LAUNDERING CBDC COSTS & CHARGES CRYPTOASSETS CULTURE & CONDUCT CYBERSECURITY EMIR FINTECH FSB FUND LIQUIDITY MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG AUSTRALIA ASIA IRELAND NORTH AMERICA UNITED KINGDOM Link to Fact Sheet here Link to Statement by SEC Chair Gary Gensler here Link to Statement by SEC Commissioner Mark T. Uyeda here Link to Statement by SEC Commissioner Jaime Lizárraga here Link to Statement by SEC Commissioner Caroline A. Crenshaw here Link to Statement by SEC Commissioner Hester M. Peirce here UNITED KINGDOM FCA says Consumer Duty Sets Higher Standards for Financial Services Customers On 31 July 2023, as the new Consumer Duty (Duty) rules came into force, the Financial Conduct Authority (FCA) published a new webpage, setting out what this means for financial services customers and what they should do if their provider isn’t meeting these standards. The FCA states that the Duty means financial services customers should get: • The support they need, when they need it; • Communications they understand; and • Products and services that meet their needs and offer fair value. The FCA also states it is closely monitoring how firms are putting its new rules in place and will take action against those that aren’t following them. Under the Duty, the FCA says firms should be open and honest, avoid harm, and support financial services customers to pursue their financial goals. They should expect: • Helpful and accessible customer support; • Timely and clear information you can understand, so you can make good financial decisions; • Providers to offer products and services that are right for you, rather than pushing products and services you don’t need; • Products and services to provide fair value. But while your provider should offer you a fair price, it doesn’t mean it will be the best deal for you, so you should still shop around; and • Firms to consider if you’re in a vulnerable situation when dealing with you. This could be due to poor health or financial troubles, for instance. In the announcement the FCA also provides links to the Financial Ombudsman Service, as well as links for financial services customers to find more about their rights with financial services and how to complain. Link to FCA Consumer Duty Announcement here Financial Lives Survey Highlights Importance of the FCA’s Consumer Duty On 26 July 2023 the FCA published the results of its Financial Lives 2022 survey. Conducted roughly every two years, the survey provides the FCA with nationally representative data about consumers’ attitudes towards managing their money, the financial products they have and their experiences of engaging with financial services firms. This latest survey was conducted during May 2022 with an additional short survey conducted in January 2023 that focused on the impacts of the rising cost of living on people around the UK. Based on, just over, 19,000 respondents, the results of the survey are presented under three headings, covering: • Low financial resilience and the rising cost of living; • The consumer duty;