FOS, FCA, FSCS, TPR and MaPS (the Members) have jointly published a formal agreement for collaboration on matters of common interest: the Wider Implications Framework. The Framework establishes a structure to enable those entities to collaborate in order to achieve a better outcome for consumers, small businesses and the financial services industry. This builds on existing collaboration such as information sharing.
The aim is for the Framework to ensure that due recognition is given to the wider impact of issues, as well as the needs of consumers and small businesses, by providing a transparent process for managing issues. This consistent approach should also increase the certainty, speed and efficiency of resolving issues.
The Framework itself consists of three levels of meetings:
- working-level meetings to be held at least quarterly with all relevant Members;
- executive-level meetings to be held every four months with CEO/Executive Directors from each Member; and
- chair-level meetings on a bi-annual basis with a Chairperson and CEO/Executive Directors from each Member.
The Framework will be overseen by a group currently chaired by FOS. This function will rotate between the Members every 12 months.