FCA publishes its wider implications framework Annual Report 2023/24

The FCA has updated its Wider Implications Framework web page to include the 2023/34 Annual Report, the second Annual Report published by the members of the Framework since the Framework was launched in 2022.  It covers the period 1st January 2023 to 31st March 2024.

The Framework supports effective and structured collaboration and cooperation on issues with wider potential impact across the financial services industry, helping the members deliver better outcomes for consumers, firms and the financial services sector. The framework’s members are the Financial Conduct Authority (FCA), the Financial Ombudsman Service (FOS), the Financial Services Compensation Scheme (FSCS), the Money and Pensions Service (MaPS) and the Pensions Regulator (tPR).

This is the first report since section 415C of the Financial Services and Markets Act 2023 came into force. This introduced a new duty on the FCA, FOS and the FSCS to cooperate on issues that have significant implications for each other or the wider financial services market. It also includes the requirement to report annually on compliance with this new duty.  The three impacted members have chosen to use the Framework to comply with the duty and to build on the collaborative work that already takes place between all of the members, and invite all stakeholders to provide feedback and comments on our compliance with the cooperation duty to widerimplications@fca.org.uk.

In the report, the key themes cover achievements in the areas the framework’s members have worked and collaborated on, and look at how the members used the framework to share data, insight and expertise; engage jointly with consumers and the industry; improve the consumer journey; and ensure fairness and consistency across the market:

  • Sharing data, insight and expertise to inform decision making:
    • British Steel Pension Scheme consumer redress scheme
    • Motor finance commission
    • Consumer Duty
    • Cost-of-living crisis
  • Joint engagement activities:
    • Consumer Duty
    • British Steel Pension Scheme consumer redress scheme
  • Improving the consumer journey:
    • British Steel Pension Scheme consumer redress scheme
    • Self-invested personal pensions (SIPPs)

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