1 April 2016 sees the Office of the Immigration Services Commissioner (OISC) implement its new code of standards. The last edition was published in 2012.
The new version fundamentally revises the Commissioner’s standards in terms of content, scope and approach. The code now takes into account the client’s journey from advisers’ duties before someone becomes a client, until after they have ceased to be one.
The new code provides:
- A more principle-based approach which will give registered advisers and advice organisations greater power to develop their businesses as best suits them, encouraging innovation
- A much shorter document that removes bureaucratic red-tape and reduces the burden on business
- A set of guidance notes that amplify and explain certain codes and provide indicative behaviours that the regulated sector and the OISC will use to ensure compliance with the code
- A new series of practice notes that set out good practice for regulated businesses
The new code of standards was published on 7 September 2015 after a 2 year consultation process.