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FCA publishes the Minutes and Issues log from the November 2023 Executive-level Wider Implications Framework meeting

Link(s):Wider Implications Framework | FCA
Wider Implications Framework meeting minutes, 1 November 2023 (fca.org.uk)
Wider Implications Framework issues log – November 2023 (fca.org.uk)

Context

The Wider Implications 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.  Executive-level meetings typically occur twice or three times a year.  The Minutes of the meeting and an updated Wider Implications Framework issues log have been published by the FCA, in relation to the 1 November 2023 meeting.

Key points to note and next actions

  • The issues discussed were:
    • Consumer Duty (consideration to be given about the impact of the Consumer Duty on all the Framework organisations as we approach the 31 July 2024 implementation deadline for closed products and services.)
    • British Steel Pensions Scheme (BSPS)
    • Self-invested personal pensions (SIPPs)
    • Authorised push payment (APP) fraud and scams
    • Cost of living
  • There were no proposals to add or remove issues to or from the WIF. However, members noted the potential for proposals to remove the SIPPs and BSPS workstreams soon depending on further developments.
  • Members agreed that perimeter issues should fall within the WIF remit.
  • Seven issues are noted on the Framework Log, including the issues relating to undisclosed commissions, particularly in the motor finance sector.