The introduction of the RFA will result in certain changes to the Investment Business Codes of Practice. The proposed changes are set out in a consultation paper issued by the JFSC and the principal changes of note are:

• Differentiating between professional clients and retail clients and requiring registered persons to develop policies, procedures and controls to assist in client classification;
• Establishing minimum professional qualification standards for investment employees; and
• Restricting the circumstances under which a registered person may be remunerated by way of commission.