On 29 August 2023, the FCA published updated Terms of Reference (ToR) for the Wider Implications Framework (Framework), which incorporate the statutory statement of policy for the cooperation duty under section 415C of the Financial Services and Markets Act 2000 (FSMA).

The Framework provides a structure for its members to cooperate on opportunities, risks and matters of interest with significant implications, with the aim of achieving beneficial outcomes for consumers and other participants in the financial services industry. Its members are the FCA, the Financial Ombudsman Service, the Financial Services Compensation Scheme, the Pensions Regulator and the Money and Pensions Service.

TheToR set out the steps members collectively agree to take to cooperate and consult on issues with significant implications, while recognising that those members remain individually accountable for the delivery of their statutory functions and duties.

The updated TOR incorporate the statutory statement of policy for the cooperation duty under section 415C FSMA, which was inserted into FSMA by the Financial Services and Markets Act 2023 with effect from 29 August 2023.