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[1].
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.
Terms of reference
Read the members’ terms of reference[4] for the Wider Implications Framework
Improving engagement with industry and consumer stakeholders
The terms of reference were updated in November 2024 to enable more direct channels of communication between industry and consumer representatives and members of the framework.
This includes a commitment from the FCA and, where appropriate, other members of the framework to attend relevant independent statutory industry and consumer panel meetings twice a year so that representatives can:
- highlight issues with potentially significant or wider implications to the group
- receive significant updates on and participate in discussions about the ongoing workstreams being managed under the framework
Summaries of representations received, together with the executives’ responses, will be published in future framework Annual Reports.
Issues log
Meeting minutes
- Executive-level Wider Implications Framework meeting – May 2025[12]
- Regulatory Family Chairs and CEOs meeting – 11 June 2025[13]
- Executive-level Wider Implications Framework meeting – November 2024[14]
- Regulatory Family Chairs and CEOs meeting – June 2024[15]
- Executive-level Wider Implications Framework meeting – April 2024[16]
- Executive-level Wider Implications Framework meeting – November 2023[17]
- Executive-level Wider Implications Framework meeting – February 2023[18]
- Executive-level Wider Implications Framework meeting – December 2022[19]
- Regulatory Family Chairs and CEOs meeting – September 2022[20]
- Executive-level Wider Implications Framework meeting – July 2022[21]
- Chair-level wider implications framework meeting – March 2022[22]
- Executive-level Wider Implications Framework meeting – March 2022[23]
