SOCIETY

SPS

CFA UK is withdrawing from issuing Statements of Professional Standing (SPS) and will not be issuing these for SPS year 2025 onwards (ie January 2025 onwards).

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Please note: CFA UK no longer issues Statements of Professional Standing

 

About Statements of Professional Standing (SPS)

Since 1 January 2013, all retail investment advisers must obtain a Statement of Professional Standing (SPS) from an FCA accredited body in order to practice.

 

Eligibility Criteria 

To obtain a Statement of Professional Standing, all retail investment advisers need to meet the following RDR requirements and the conditions below:

  • You hold the correct RDR-approved qualifications and have completed the relevant gap-fill (if applicable)
  • You are a current member of an FCA Accredited Body
  • Be certified as 'fit and proper' by your firm 
    • If regulated under the FCA, you must be issued with an Individual Reference Number (IRN) and have an active FCA register entry that confirms you have been certified and assessed by your firm for the relevant FCA RDR activities. 
  • You adhere to the Code of Ethics and Standards of Professional Conduct of your FCA Accredited Body and remain a member ‘in good standing’
  • You comply with the FCA's Code of Conduct (COCON) or with FCA’s Code of Practice for Approved Persons (APER), whichever is relevant to your role
  • You have completed the required continuing professional development (CPD) hours

 

RDR Requirements

Retail investment advisors must hold the relevant RDR qualifications to be eligible for an SPS certificate.

To see which qualifications meet RDR requirements, please refer to the FCA Appropriate Qualifications Tables. 

If you hold CFA UK and CFA Institute qualifications and wish CFA UK to verify your qualifications, please contact us at verifications@cfauk.org. 
 
Please note, for the purposes of Statements of Professional Standing, CFA UK and CFA Institute qualifications have previously only covered off the areas of advising and dealing in Securities (FCA RDR activities 2 & 12) and/or derivatives (FCA RDR activities 3 & 13). 

We have therefore not, in the past, issued Statements of Professional Standing for activities 4 and 6, related to giving personal recommendations on Retail Investment products. 

 

FCA Register

As of 31 March 2021, those who are regulated by the FCA are now required to have an active entry on the FCA register, with the relevant FCA RDR activities listed which they have been signed off to advise in.

The SPS applicants’ firms are responsible for registering the appropriate information on the FCA register related to those authorised individuals in their employment.