Regulatory family announce formal agreement for collaboration on matters of common interest.

A formal agreement for collaboration on matters of common interest, the Wider Implications Framework, has been published by members of the financial regulatory ecosystem today.

The Framework sets out a structure for its members to collaborate on matters of common interest to achieve a better outcome for consumers, small businesses and the financial services industry, where compatible with members’ independent statutory roles and functions. It builds on existing collaboration already in place and will give greater transparency for wider stakeholders.

The Framework has been produced and agreed by the Financial Ombudsman Service, the Financial Conduct Authority (FCA), the Financial Services Compensation Scheme (FSCS), The Pensions Regulator (TPR) and the Money and Pensions Service (MaPS). 

Financial Ombudsman Service, Interim Chief Executive and Chief Ombudsman, Nausicaa Delfas said: 

The Wider Implications Framework is a significant step forward. The Framework formalises existing collaboration among members on matters of common interest and will give greater transparency to wider stakeholders.

The Framework will be overseen by a group currently chaired by the Financial Ombudsman Service, and will rotate on a 12-month basis between its members.

Notes to editors 

About the Financial Ombudsman Service 

The Financial Ombudsman Service was set up by Parliament to resolve individual complaints between financial businesses and their customers on a fair and reasonable basis, as an alternative to the courts. It can investigate problems involving most types of money matters. It is committed to working with the sector to help prevent consumer harm arising in the first place.  

Latest news

Financial Ombudsman Service to start charging professional representatives to refer cases

7 February 2025

The Financial Ombudsman Service has announced that it will be proceeding with a proposal to charge professional representatives to refer a case to its service.

Press release CMC

Read more 

Consumers in Scotland lodge over 1,300 fraud and scam complaints

31 January 2025

Fraud and scam complaints from people living in Scotland have increased by almost 40% year-on-year.

Fraud and scams Press release

Read more 

Consumers in the North West lodge nearly 3,000 fraud and scam complaints

31 January 2025

Fraud and scam complaints from people living in the North West of England have increased by a third year-on-year.

Press release Fraud and scams

Read more