Code 15 update: Discussion Document responses and what's next
18 November 2020, Emma Bailey, Policy Manager
Today we’ve published the responses we received to our Code 15 Discussion Document, which provide important feedback and insight to support the development of our new regulatory framework.
Alongside the publication of the responses, we wanted to update you on where we are at with the review – the biggest we’ve undertaken in a decade – and what the next stages are.
Discussion Document responses will support us to develop proposals for Code 15
The phone-paid services market has changed a lot since we introduced our current, outcomes-based approach to regulation, and that’s why we’re developing a new Code that is fit for this mature market and that delivers what consumers want from it.
The new Code will introduce standards instead of outcomes, focus on the prevention of harm, and will be simpler to implement and comply with. We also need to ensure the Code is underpinned by effective enforcement so that we can take swift and effective action when things go wrong.
We are confident that the proposals we are developing will deliver a range of benefits: consumer expectations will be met, consumer confidence will grow, and vulnerable consumers will be well protected. And for industry, we want the Code to be clearer, simpler and support market certainty, including through proactive engagement and quicker resolution of issues.
We published our Code 15 Discussion Document for response earlier this year – the first of many opportunities for stakeholders to provide input into the review and the new Code. Thank you to everyone who took the time to respond. We received inputs from both industry and consumers that will support us in developing a new Code that helps meets the aims set out above.
We received a range of opinions and insight from stakeholders, including that getting the barrier to market entry right is important, as is having clear requirements and well-defined responsibilities across a number of areas, including due diligence, customer care, and refunds. You can read the responses here.
What’s next for the review?
We are continuing to develop our draft Code which we will formally consult on in the first half of 2021, seeking input on our proposals for change and the supporting evidence. We look forward to engaging with you as part of that process.
Before then, we would like to take the opportunity to update you in more detail on our thinking, the process from here through to implementation, and answer any questions you might have. So, we’ll be holding a presentation for stakeholders in the coming weeks.
You can find more details about this and sign up here.