The Jersey Financial Services Commission is consulting on its own version of the RDR which calls for increased qualifications and a ban on commission.
In its paper on the review of financial advice, published last week, the FSC says it wants to raise the qualification requirement for advisers on the island to QCF level four.
It also proposes a ban on commission, with adviser remuneration agreed with the client up-front, and the introduction of statements of professional standing, which advisers must get from an accredited body.
The FSC does not propose using independent and restric-ted labels. Under current rules, all advisers are registered as investment employees and have to disclose restrictions to clients.
The consultation runs until October and the FSC says a working party, which will include the Personal Finance Society, the Jersey Bankers’ Association, the Chartered Institute for Securities and Investment and local advisers, will be formed to scrutinise the changes.
The FSC wants the measures to come into force by January 1, 2014.
DPZ Synergy director Guy Browning says: “Issues over pensions and taxation are different here than in the UK, so raising qualifications is fine but what we learn will have to be tailored to the island.”