On 10 June 2024, the Financial Conduct Authority (FCA), Financial Ombudsman Service (FOS), Financial Services Compensation Scheme (FSCS), Pensions Regulator and Money and Pensions Service issued the second Wider Implications Framework Annual Report. The Annual Report covers the period 1 January 2023 to 31 March 2024. During this period, section 415C of the Financial Services and Markets Act 2023 (FSMA 2023) came into force. This introduced a new duty for the FCA, the FOS and the FSCS to cooperate on issues that have significant implications for each other or the wider financial services market.

Among other things, the FCA, FOS and FSCS are keen to obtain feedback from stakeholders on their compliance with the section 415C FSMA 2023 co-operation duty. During the last 15 months, the regulators have made significant progress on existing workstreams. This includes reaching agreement to remove the Mortgage Standard Variable Rates workstream from the framework because its objectives had been met. The regulators intend to refocus the authorised push payment fraud and scams workstream to take account of significant regulatory change affecting the payments market.