Appleby Finance Newsletter, Q1 2014: Jersey consultation on Review of Financial Advice

By Tom Fothergill

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 (IB) on what is the penultimate stage of the commission’s Review of Financial Advice (RFA).

The Jersey Financial Services 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?

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 to reduce the conflicts of interest that are found in commission-based remuneration for adviser services…

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