On 25 January 2022, the Financial Ombudsman Service (FOS) published a new webpage regarding the Wider Implications Framework (the Framework).
The Framework sets out a structure for its members (the FOS, Financial Conduct Authority, Financial Services Compensation Scheme, the Pensions Regulator and the Money and Pensions Service) 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.
Matters of common interest cover issues that could have a wider impact across the financial services industry, and there is a need for the Framework’s members to work together. For example, it could be because a large number of consumers are potentially affected, or because of the amount of redress at stake, or because there is a risk of business failure. The issue might be identified, for example, through the FOS’ casework, or through FCA supervision.
The FOS has also published the Terms of reference for the Framework.