Wider Implications Framework

Find out more about the role of the Wider Implications Framework in guiding cooperation between members of the regulatory family.

The framework provides a structure for its members to work together to find the best way to deal with issues that could have wider implications across the financial services industry.

It aims to improve outcomes for consumers and other financial services market participants when an issue arises.

The framework is also how the FCA, the Financial Ombudsman Service and the Financial Services Compensation Scheme have chosen to comply with the cooperation duty under section 415C of the Financial Services and Markets Act 2000.

Framework members

There are 5 members. The group is made up of 'core members' who are subject to the cooperation duty and ‘other members’ who are not.  

Core members:  

  • FCA 
  • Financial Ombudsman Service 
  • FSCS

Other members: 

  • The Pensions Regulator (TPR) 
  • The Money and Pensions Service (MaPS)

The FCA chairs the framework and provides its secretariat. The secretariat can be contacted at [email protected].   

When issues have wider implications

An issue with wider implications could be something that affects a large number of consumers where there is a significant amount of redress at stake or where there is a risk of business failure. The issue might be identified, for example, through the Financial Ombudsman Service’s casework, or through FCA supervision.

When issues like this are identified by the members they can be escalated through working-level, director-level, executive-level or chair-level meetings, depending on their likely impact.

Not all issues will be relevant to all the members, but the framework ensures members can be involved where relevant, to maximise collaboration without compromising the ability to act quickly and effectively.

Examples of the framework in action

Terms of reference

Read the members’ terms of reference for the Wider Implications Framework

Annual report