FCA launches webpage on the Wider Implications Framework

The FCA has published updated terms of reference for the Wider Implications Framework. The framework provides a structure for its members to collaborate on issues that could have a wide-reaching effect across the financial services industry.

Such issues could be, for instance, something that affects a large number of consumers where there is a risk of business failure. Recent examples of the framework in action include the Consumer Duty and the BSPS consumer redress scheme.

The framework has 5 members: FCA, FOS, FSCS (the core members), TPR and MaPS (other members).