| Link(s): | Wider Implications Framework minutes May 2025 Chairs and CEO Regulatory Family meeting Wider Implications Framework issues log – July 2025 Wider Implications Framework Annual Report 2024/5 |
Context
The FCA has published the minutes of the May 2025 Wider Implications Framework Executive Level Meeting, the minutes from the June 2025 Chairs and CEO Regulatory Family meeting, an updated log of the live Wider Implications issues, as at July 2025, and the Wider Implications Framework Annual Report for 2024/25. The Wider Implications Framework provides a structure for its members (FCA, FOS, FSCS, TPR, MaPS) to cooperate on opportunities, risks and matters of interest (collectively referred to “issues”) with significant implications, with the aim of achieving beneficial outcomes for consumers and other participants in the financial services industry.
Key points to note and next actions
- The May meeting included an update in relation to the FCA/FOS call for input in relation to modernising the redress system, outlining a collaboration with HM Treasury on a range of short term and longer terms options. A consultation seeking further views on these proposals was published by HM Treasury as part of the Leeds Reforms.
- Although focused on motor finance commissions, the ‘Undisclosed commissions’ issue remains on the log of live issues, and will no doubt be revisited in light of the Supreme Court decision in the cases of Hopcraft, Wrench and Johnson.
- The Annual Report focuses on strengthening cooperation and engagement with stakeholders, and on a review of the Framework’s work over the year. The review focuses on sharing data, insight and expertise to inform decision making; joint engagement activities; helping consumers navigate the redress landscape; and working with all stakeholders to deliver fair outcomes.