Financial regulatory family strengthen Wider Implications Framework

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 

• Examples of the importance of this work and how it will apply in practice 
• Read the members’ agreed Terms of Reference for the Wider Implications Framework 

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.