The media regulator has confirmed that a review of the current ban on product placement will now take place as part of a consultation on broadcast advertising.
In launching the revised code, which condenses regulations inherited through the body's six predecessor organisations, Ofcom says that, while the ban remains in place, there is room for change.
"The ban on product placement remains in place, however Ofcom acknowledges the pressure on traditional broadcast advertising as a key source of funding for commercial broadcasters and will consult on product placement in the context of a wider assessment of the broadcast advertising market later this year," Ofcom said.
The revised code also has an emphasis on protecting children, reiterating the need for a watershed and backing the use of PIN mechanisms. This accompanies a change to allow premium subscription film services to broadcast films rated up to a 15 certificate 24 hours a day. Hardcore pornography, with a R18 certificate, is still banned under the new code.
Stephen Carter, Ofcom chief executive, said: "The new code sets out clear and simple rules which remove unnecessary intervention, extend choice for audience and allow creative freedom for broadcasters.
"It also secures the protection of the under 18s, which our research has shown to be an important priority for viewers."
In terms of programme sponsorship, the new code continues the ban on its use for news bulletins and current affairs programmes. The only banned advertising group in broadcasting to be allowed to sponsor programmes is the betting and gaming sector.
The revised code follows a consultation involving 900 responses from the public and industry representatives.
Richard Hooper, Ofcom deputy chairman, said: "Both broadcasters and audiences told us of the need for clarity and flexibility in how we approach these rules. We believe the new code meets those requirements."
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