Regulators publish Wider Implications Framework Annual Report

The 2023/24 Wider Implications Framework Annual Report from the FCA, FOS, FSCS, TPR and MaPS notes that during the period the report covers, the new duty in FSMA 2023 on the FCA, FOS and FSCS to cooperate on issues that have significant implications for each other or the wider financial services market came into force. As a result, the organisations have decided that participation in the framework is the way they comply with this duty.

Otherwise, key highlights of the period include the progress on:

  • the FCA and FOS working together on information on complaints about SVR mortgages;
  • close cooperation on motor finance commission complaints;
  • hosting events on BSPS redress;
  • supporting implementation and embedding of the Consumer Duty;
  • work on the SIPPs workstream to ensure consumers owed redress because of failings by SIPP operators are going to the right place to make their claims; and
  • addressing the cost of living crisis.

Emma Radmore