The FCA has published the minutes of the latest Wider Implications Framework Executive Level Meeting, and an updated log of live Wider Implications issues as at the end of November 2024.
The items of interest to UKGI clients are:
The introduction of outcomes-based regulation under Consumer Duty may lead to inconsistent interpretation of the Duty by the FCA and FOS: the FCA and FOS will continue to work together to ensure a consistent and complementary approach to the application of the Duty whilst respecting their different independent statutory roles, and will continue to look for opportunities for joint external events, for example roundtables with industry, with a focus on how they continue to be aligned with how the Duty applies.
Issues relating to undisclosed commissions, particularly in the motor finance sector: the FCA and FOS will continue to work together to ensure a consistent and complementary approach to the interpretation of rules, guidance, legislation and relevant law related to commission complaints with respect to the different roles of the framework’s members. This will include working level and Director level meetings and engagement, CEO level meeting between the FCA and FOS, and trilateral meeting with the FCA, FOS and (particularly in relation to motor finance issues) the Finance and Leasing Association (FLA).