FCA publishes Wider Implications Framework Annual Report 2025/26

On 21 July 2026, the Financial Conduct Authority (FCA) published its Wider Implications Framework (WIF) Annual Report 2025/26.

Background

This is the FCA’s fourth WIF Annual Report, covering the period 1 April 2025 to 31 March 2026. It sets out the past year’s collaboration between the framework’s members – the FCA, Financial Ombudsman Service (FOS), Financial Services Compensation Scheme (FSCS), Money and Pensions Service (MaPS), and the Pensions Regulator (TPR).

Summary

The FCA explains that this WIF Annual Report sets out how collaboration has improved outcomes for consumers, firms and the financial services industry, highlighting in particular:

• Sharing data, insight and expertise to inform decision making: The WIF strengthens information-sharing between the FCA, FOS, FSCS, TPR and MaPS, helping members identify emerging issues, improve industry behaviour and deliver better consumer outcomes. Over the past year, collaboration has included intelligence-sharing between the FCA and FOS on regulatory developments such as targeted support, simplified advice and complaints handling. The FOS, FSCS and TPR have also exchanged knowledge on issues including pensions, vulnerable customers and complaints processes. Staff secondments between the FOS and FSCS have further deepened understanding of complaints, redress and firm failure processes. WIF members also worked together on proposals arising from the modernisation of the redress system, including changes to the FOS’s remit and transparency arrangements.

• Joint engagement activities: Joint engagement helps WIF members deliver consistent messages to firms and consumers while demonstrating regulatory alignment. During the year, the FCA and FOS participated in industry discussions. They also issued a joint statement on targeted support, setting out how the organisations will work together while maintaining their separate statutory roles.

• Helping consumers navigate the redress landscape: The WIF supports consumers in accessing the right information, guidance and redress when things go wrong. Collaboration between MaPS and the FOS has included awareness-raising campaigns and coordinated communications to improve consumer understanding of available support.

• Working with all stakeholders to deliver fair outcomes: The WIF enables members to work with regulators, enforcement bodies, industry and consumer organisations to identify risks early and achieve fair outcomes. One example is collaboration between the FCA, FOS and FSCS on developments in the claims management company sector.

Next steps

To improve effectiveness, WIF members have agreed to streamline the framework. Annual meetings of executives and chairs will set strategic priorities and review progress, while working-level engagement will be monitored throughout the year and reported to senior stakeholders. The revised structure is intended to strengthen strategic oversight, support horizon scanning and ensure coordinated action on the most significant consumer and market issues. The changes were agreed in April 2026 and are being implemented ahead of the new WIF cycle commencing in November 2026.