A year ago Luke Smith promised updates to character customization and teased possible re customization options. Since Bungie will not allow story progress to be account wide deleting characters has significant downsides for the sake of recustomizing the appearance of your guardian. Any news (can we change race? body type? only the face?) would be welcome, considering it was mentioned a whole year ago.
Haven't seen any news.
Here is my take on it, bungie has not implemented this because they are either a) trying to monetize it somehow or b) they were going to make it like transmog and figured what a disaster that was.