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 the COCON Code of Conduct Sourcebook
CII/PFS members 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 a qualification which meets the new QCF Level 4 requirements in full,
e.g. CII Diploma in Regulated Financial Planning;
3. Be an active retail investment adviser and have an FCA Individual Reference Number.
Reminder: end of gap filling – 30th August 2021.
In November 2020, we announced that gap-filling would end as an option for financial advisers applying for a Statement of Professional Standing from the end of August this year. [https://www.cii.co.uk/news-insight/media/press-releases/articles/cii-ends-gap-filling-for-advisers/96393]
We have published a series of Q&A's [https://www.thepfs.org/news-index/articles/cii-ends-gap-filling-for-advisers-qa/97514] for members about the end of gap-filling.
It is important to stress that the end of this option does not affect advisers who obtain an SPS via the gap filling route before the end of August 2021, including advisers who have already attained an SPS via this route.
If you have any questions, please contact us at email@example.com.
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.