FCA publishes Wider Implications Framework meeting minutes

The FCA has published the minutes of the latest Wider Implications Framework Executive Level Meeting. In addition, the regulator has also updated the log of live Wider Implications issues as of the end of November 2024.

The introduction of outcomes-based regulation under Consumer Duty may lead to inconsistent interpretation of the Duty by the FCA and FOS.

• The FCA and FOS will continue to work together to ensure a consistent and complementary approach to the application of the Duty whilst respecting their different independent statutory roles and will continue to look for opportunities for joint external events, for example, roundtables with industry, with a focus on how they continue to be aligned with how the Duty applies.

Issues relating to undisclosed commissions, particularly in the motor finance sector

• The FCA and FOS will continue to work together to ensure a consistent and complementary approach to the interpretation of rules, guidance, legislation and relevant law related to commission complaints with respect to the different roles of the framework’s members.  This will include working level and Director level meetings and engagement, CEO level meetings between the FCA and FOS, and trilateral meetings with the FCA, FOS and (particularly around motor finance issues) the Finance and Leasing Association (FLA)

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