'Clear feedback' code should not govern process

In its March consultation, the group issued a detailed document, which included a number of potential points for the code to cover that shifted from a principles-based approach into governing advice process.

Among its considerations of advice ethics, for example, it sought views on whether Financial Advice Providers should be required to have their own code of ethics, ethics training, process for resolving ethical dilemmas and compliance functions.

But in the draft version of the code recently released, the group has moved away from that completely, instead covering those ethical considerations with the requirements to treat clients fairly, act with integrity and manage conflicts of interest.

Code working group chairman Angus Dale-Jones said the shift was driven by several reasons.