Statement of Professional Standing (SPS)
The FCA requires that all retail investment advisers now hold a Statement of Professional Standing (SPS).
An SPS can only be issued by an FCA appointed accredited body, such as the CII, 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 APER (Statements of Principle and Code of Practice for Approved Persons)
CII/PFS members advising on packaged products and/or securities/derivatives can apply for their free SPS.
Eligibility criteria – please read before applying
To be eligible for a SPS you need to satisfy the following criteria:
1. Be a member of the CII/PFS
2. Hold either:
- A qualification which meets the new QCF Level 4 requirements in full, e.g. CII Diploma in Regulated Financial Planning; or
- A 'transitional qualification', e.g. the CII Diploma in Financial Planning plus relevant gap fill which has been verified by an accredited body If you need to complete gap fill, please visit www.cii.co.uk/gapfill
- Please note: Gap fill activity needs to be submitted to and verified by the CII before an SPS application can be made
3. Be an active retail investment adviser and have an FCA Individual Reference Number.
Renew your SPS
To renew you must:
1. Be an current member of the CII/PFS
2. Hold an existing SPS
3. Have paid the membership subscription applicable to the year of your SPS renewal
When renewing your CII SPS you have two options:
1. Renew without any changes to your authorised activities; or
2. 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.