Context
The ‘regulatory family’ (the Financial Ombudsman Service, the Financial Conduct Authority (FCA), the Financial Services Compensation Scheme (FSCS), The Pensions Regulator (TPR) and the Money and Pensions Service (MaPS)) has announced a formal agreement for collaboration on matters of common interest.
Key points to note
- The formal agreement for collaboration on matters of common interest, the Wider Implications Framework, was published by members of the financial regulatory ecosystem on 25th January.
- The Framework sets out a structure for its members to collaborate on matters of common interest to achieve a better outcome for consumers, small businesses and the financial services industry, where compatible with members’ independent statutory roles and functions.
- The Framework is seen as a significant step forward, formalising existing collaboration among members on matters of common interest with the aim of giving greater transparency for wider stakeholders.
- A link to examples of the importance of this work and how it will apply in practice is provided.
Next actions
None – for information and awareness