Statement of Professional Standing (SPS)
Apply for or renew your SPS with the Personal Finance Society
The FCA requires that all retail investment advisers hold a Statement of Professional Standing (SPS).
An SPS can only be issued by an FCA appointed accredited body, such as the Chartered Insurance Institute, and confirms that an adviser:
- Has adhered to a code of ethical standards
- Holds the required qualifications for the activities they undertake
- Has completed appropriate CPD and complied with the COCON Code of Conduct Sourcebook
Personal Finance Society and Chartered Insurance Institute members can apply for free.
Eligibility
You need to satisfy the following criteria:
- Be a member of the Personal Finance Society / Chartered Insurance Institute
- Hold a qualification which meets the FCA qualifications requirements in full, e.g. CII Diploma in Regulated Financial Planning
- Be an active retail investment adviser and have an FCA Individual Reference Number and Firm Reference Number
For further information please read the application guidance on the Chartered Insurance Institute website.
Apply for an SPS
To be eligible for a SPS you need to satisfy the following criteria:
-
Be a current member of the Personal Finance Society or the Chartered Insurance Institute.
-
Hold a qualification which meets the new QCF Level 4 requirements in full, e.g. CII Diploma in Regulated Financial Planning.
-
Be an active retail investment adviser and have an FCA Individual Reference Number and Firm Reference Number
Renew your SPS
To renew you must:
- Be a current member of the Personal Finance Society or Chartered Insurance Institute.
- Hold an existing SPS
- Have paid the membership subscription applicable to the year of your SPS renewal
When renewing your SPS you have two options:
- Renew without any changes to your authorised activities; or
- Renew with changes to your authorised activities if these have changed. For example, you are now authorised to advise on securities (activity 2)
Whichever option you choose, you will need to read and agree to the declaration. This includes confirmation that you have complied with the requirements of the Statement of Principles & Code of Practice for Approved Persons requirements of the FCA's handbook "APER" and maintained your Continuing Professional Development (CPD) over the last 12 months.
