“The purpose of this consultation document is to set out the context to the draft Code of Practice and our proposals, and to seek feedback and comments from consumers, industry and other stakeholders on these. We want to ensure that our decisions are based on a sound understanding and accurate assessment of all available information and evidence and informed by stakeholder input. In 2020, the PSA launched a comprehensive review of our Code of Practice. The market had changed fundamentally over the ten years since the previous comprehensive review.
Consumer expectations had changed and outcomes-based regulation had not kept pace.
We have developed a new Code on which we are now consulting which raises expectations in the market by introducing regulatory Standards, focuses on the prevention of harm rather
than cure, and is simpler to implement and comply with. We are replacing outcomes with ten regulatory Standards. These are a clear articulation of PSA and consumers’ expectations of the market and providers. They will raise standards in the way services are offered and delivered. By introducing supervisory powers and clearer registration and verification, Code 15 will shift
focus to prevent harm rather than enforcing outcomes after harm has occurred. Consumers should have confidence that the services they buy will deliver what they expect. For industry,
we will support you to deliver good services for consumers. Code 15 will enable us to use our limited resources more effectively.
Code 15 will be transformative. It is a new approach to regulation that will benefit consumers and industry. It is a Code for a mature market.”
aimm worked closely with all our members about the consultation to ensure that all feedback and concerns regarding this new Code were represented, and aimm met with PSA to discuss members concerns throughout the consultation period. We submitted our response to the consultation on the 5th July 2021.