I urge everyone interested to read the Secure by Design report plus the guidance notes within to see where things are going, especially the points about future consideration of regulation; and to understand that the Code of Practice is outcome based, in order to make it easily measurable by say a consumer group, not just engineering people like me. During the development of the report a huge number of people were consulted, including a lot of the security research community who provided invaluable advice and input.
On standards - I believe there is no need for additional standards in this space (that's not what the Code of Practice is), but there is a need for existing standards from a range of bodies to be mapped against the outcomes. What we actually need is vendors to actually adopt the existing security standards within their products and to help them understand the inter-relation between standards a bit better. Mappings can be used by vendors to achieve the desired outcome of securely designed products that retailers feel confident to sell.
So don't believe everything the noisy people say for a soundbite on the news - make up your own mind. More importantly the report is open for public feedback until the 25th of April, so make your voices known!