The PSA are undertaking a review of their current Code of Practice (Code 14)1 to ensure their regulation remains fit for purpose and relevant. The PSA want to make sure the Code provides the right incentives for businesses to operate responsibly and the right deterrents for those firms that seek to enter the market to exploit consumers or who do not put the right consumer protections in place.
Through this review, they will carry out a strategic assessment of their current regulatory approach, taking account of market developments and changing consumer behaviours, expectations and needs.
The purpose of this document is to seek early input from stakeholders to inform the development of proposals on which the PSA will consult in Autumn 2020. They want to ensure that any proposals they develop are based on a sound understanding and accurate assessment of all available information and evidence and informed by stakeholder input.
aimm have met and consulted with their members on numerous occasions since February to get a clear view on this new proposal to the Code. aimm have submitted their response to the PSA based on this before the deadline fo the 2nd July and have also worked with Fladgate Solicitors to prepare a detailed report, with the purpose of this report to inform PSA’s approach to its revised Code of Practice and, more fundamentally, help it assess whether the structure of PRS regulation in the UK needs to be revisited. This will be uploaded separately.
