The Review of Financial Advice will aim to raise professional standards of investment advisers and reduce conflicts of interest found in commission-based remuneration.

In its recent paper on financial advice, the Commission says that it intends to do this by discontinuing commission-based remuneration and making QCF Level 4 qualifications a requirement for advisers.

It also proposes introducing statements of professional standing which advisers must get from an accredited body.

This, it hopes, will mean less risk for consumers due to incompetence and malpractice and enhance the reputation of Jersey in financial and commercial matters.

The consultation ends in October and a series of meetings with an industry working party will be held before the final details of the Commission’s proposals are published.

This party will include key members from the Personal Finance Society, Jersey Bankers Association, Chartered Institute for Securities and Investment, Jersey Finance Ltd as well as direct industry representatives.

John Harris, director general of the Commission, said: “We take the view that the changes we proposing should be acceptable to industry and understood in the wider context and that the end result will be increased transparency for consumers.”

Any amendments will take effect from 1 January 2014, one year later than the RDR implementation date.