Regulators working across the financial services sector have published a joint formal agreement, agreeing to work together on issues of common interest.
The agreement, known as the Wider Implications Framework, sets out a structure for members to collaborate more closely, with the view of achieving better outcomes for consumers, small businesses and the financial services industry.
The framework has been produced and agreed by 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).
This builds on existing collaboration already in place, and gives greater transparency for wider stakeholders.
Financial Ombudsman Service, interim chief executive and chief ombudsman, Nausicaa Delfas says: “The Wider Implications Framework is a significant step forward. The Framework formalises existing collaboration among members on matters of common interest and will give greater transparency to wider stakeholders.”
Charles Counsell, chief executive of The Pensions Regulator adds: “Driving better outcomes for savers by putting them at the heart of what we do is central to our strategic approach.
“We therefore welcome the Wider Implications Framework which has the same goal at its core and formalises our existing ways to collaborate. Only by working collaboratively on issues where there are wider implications to the remits of any of our individual organisations can we, as regulators, bring the greatest benefit to those we protect.”
The framework will be overseen by a group currently chaired by the Financial Ombudsman Service, and will rotate on a 12-month basis between its members.