Guidance note changes

We continue to review guidance notes to ensure they remain clear, current and useful for registered persons.

The updates included in this release do not introduce new Code requirements. They clarify how existing requirements should be understood and applied in practice, remove historic implementation material where it is no longer needed, and improve consistency across the guidance.

The table below summarises our guidance note updates and retirements.

Recent updates

Guidance note	Last revised	Change	Summary of what is changing
Directions issued to financial services businesses	5 June 2026	Update	The Money Laundering and Weapons Development (Directions) (Iran) (Jersey) Order 2015 directions ceased to have effect 12 months after being issued; accordingly, all references to them have been removed.
Conflicts of interests requirements under Principle 2 the Code of Practice for investment business	4 June 2026	Update	The core conflicts requirements remain unchanged. The guidance has been clarified and streamlined, including on disclosure, residual client risk, suitability, and the need to prioritise avoidance and mitigation over disclosure alone.
Benchmarking under the Codes of Practice for investment business	4 June 2026	Update	An additional clarification has been added on how benchmarking performance should be presented, focusing on transparency of assumptions, fee treatment, and the distinction between actual and back tested performance.
The provision of investment services to vulnerable persons	4 June 2026	Update	The guidance has been clarified to help firms identify and respond to vulnerability under the existing Investment Business Code requirement, including hidden or changing vulnerability, adapted communications, suitability assessments, systems and controls, and the use of alternative effective approaches where they meet the IB Code requirements.
Suitability of advice under the Code of Practice for investment business	4 June 2026	Update	The core suitability requirements remain unchanged. The guidance has been updated on digital or automated advice, vulnerability in suitability assessments, ESG or sustainability-related recommendations, suitability letters, and the practical information firms should evidence, provide to clients, retain on file and review.
Compliance Monitoring	4 June 2026	Update	The guidance has been updated to help firms better contextualise their compliance monitoring plans, including practical scenarios informed by compliance monitoring thematic examinations.
Managed Trust Company Business	4 June 2026	Update	The guidance has been consolidated and simplified, including by incorporating material from related managed trust company guidance that will be removed from the website.
Crowdfunding	4 June 2026	Retire	The guidance has been withdrawn as it did not provide clear or necessary guidance, and relevant requirements are already addressed through existing regulatory frameworks.
Submission of Investment Employees and Senior Management Details	4 June 2026	Retire	The guidance note is being withdrawn because it refers to a process and webpage that are no longer in use.
Distinguishing between managed trust company and participating member	4 June 2025	Retire	The guidance note has now been incorporated into the Managed Trust Company Business guidance note, which went live on 4 June 2026.