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ARTICLE · 30 JANUARY 2014

Jersey Consultation On Review

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At the end of September 2013, the Jersey Financial Services Commission published its consultation paper on proposed changes to the Codes of Practice for Investment Business on what is the penultimate stage of the Commission’s Review of Financial Advice.

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At the end of September 2013, the Jersey Financial Services Commission (Commission) published its consultation paper (Consultation Paper) on proposed changes to the Codes of Practice for Investment Business (IB Codes) on what is the penultimate stage of the Commission's Review of Financial Advice (RFA).

The Commission is expected to implement the proposed reforms in respect of charging commission on financial products and qualifications that financial advisers are required to hold on 1 January 2014. What, if anything, does the RFA mean for the investment business sector in Jersey?

Background to the RFA

The RFA began in August 2011 in response to the UK Financial Services Authority's Retail Distribution Review (RDR). The aim of the RFA is to raise the professional standards of investment advisers, and reduce the conflicts of interest which are found in commission-based remuneration for adviser services.

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