Fine balance for new code

Angus Dale-Jones spoke at the Financial Markets Law conference last week.

He said the code would need to set out competence standards that would apply in a range of advice situations – but how to apply a distinction was hard to get right.

It was likely that a different approach would be taken to the code’s initial suggestion of a differentiation between product advice and financial planning.

“We need to do some more thinking… people have very eloquently pointed out what doesn’t work about what we suggested but people who submitted are struggling to come up with a suggestion on how we make that distinction.”