The financial services regulatory family re-launched the Wider Implications Framework in 2022, to achieve better outcomes for consumers, firms and the industry as a whole, through building on existing collaborative work. You can access its annual report 2022, published today, here.
Key achievements in 2022 include:
- working together to ensure consumers who were unsuitably advised to transfer out of the British Steel Pension Scheme are aware of their rights and to make the complaints or claim journey as accessible as possible;
- sharing information on complaints about mortgage Standard Variable Rates which ensured fair and consistent complaint outcomes with redress paid if appropriate; and
- joint work to ensure that the Financial Ombudsman Service is prepared for the introduction of FCA’s Consumer Duty, including internal training sessions and engagement with external stakeholders to understand their concerns.
