Statement of Professional Standing

SPS WITHDRAWAL

WHY CFA UK IS WITHDRAWING FROM SPS

CFA UK began issuing Statements of Professional Standing (SPS) in 2013 to support the outcomes of the Financial Conduct Authority’s Retail Distribution Review (RDR), seeking to raise the bar on retail investment adviser competence.  

Today, only a small proportion of CFA UK’s 12,000 members operate in the RDR space requiring a Statement of Professional Standing. We issue just under 200 Statements of Professional Standing per year.  

Having reviewed the customer experience of our members requiring a Statement of Professional Standing and the services offered by other FCA Accredited Bodies, we believe that our members will be better served by another Accredited Body, particularly those servicing substantially higher numbers of SPS applications. They can offer a streamlined online SPS application process with faster application processing times and a stronger structured learning offer and easy CPD logging functionality. 

For our members requiring an SPS for 2025, this will mean that you will need to apply to another FCA Accredited Body and become a member of that body in order to gain a Statement of Professional Standing for 2025 onwards. 

We will keep the SPS application process open for those still requiring an SPS for calendar year 2024 but applications for the 2024 calendar year will close on 30 September 2024. 

We value your membership. We do hope you stay part of the CFA UK community and continue to enjoy access to our professional development resources, events and networking.
CISI logo

OUR PARTNERSHIP WITH CISI

Though there are a number of professional bodies offering Statements of Professional Standing, CFA UK is partnering with the Chartered Institute for Securities & Investment (CISI) to offer a streamlined transition route for CFA UK members. CFA UK has a long-established relationship with the CISI who offer robust, high quality SPS services and resources.

The CISI issue 7,000 Statements of Professional Standing annually for all RDR activities. With a dedicated team working on SPS all year round, processing of initial SPS applications will take up to 10 working days but for subsequent renewals, SPS applications can be processed and approved within minutes.

We will be arranging two joint CFA UK / CISI webinars (in early August and in early September) for our SPS members to find out more about next steps.  Dates and times will be communicated to all SPS members shortly. 

We are fully committed to supporting our members through this transition process and set out a proposed timeline and some FAQs below.

SUPPORTING YOU THROUGH THE SPS TRANSITION

As part of our partnership with the CISI, we're supporting our SPS members through this transition together. We'll be hosting two webinars to help you with what next steps to take and to answer any questions you may have about your SPS application for 2025 in October.

18 OCTOBER
OUR APPROACH

SPS WITHDRAWAL

Why is CFA UK withdrawing from issuing Statements of Professional Standing?

Only a small proportion of CFA UK’s 12,000 members operate in the RDR space requiring a Statement of Professional Standing. We issue around 200 Statements of Professional Standing per year.
 
Having reviewed the customer experience of our members requiring a Statement of Professional Standing, and the services offered by other FCA Accredited Bodies, we believe that our members will be better served by another Accredited Body, particularly those servicing substantially higher numbers of SPS applications. They can offer a streamlined online SPS application process with faster application processing times and a stronger structured learning offer and easy CPD logging functionality. This has led us to conclude that we should withdraw from FCA Accredited Body status and from issuing Statements of Professional Standing with immediate effect for those requiring an SPS application for calendar year 2025.

What does this mean for me?

This will mean that, for your 2025 Statement of Professional Standing, you will need to apply to another FCA Accredited Body and become a member of that body in order to gain a Statement of Professional Standing.

We do of course value your membership and hope that you stay part of the CFA UK community and continue to enjoy access to our professional development resources, events and networking.

What other organisations offer Statements of Professional Standing?

The following FCA Accredited Bodies offer Statements of Professional Standing:

  • Chartered Institute for Securities & Investment
  • Chartered Insurance Institute
  • London Institute of Banking & Finance Limited

The above bodies can issue Statements of Professional Standing for all RDR activities - as outlined below:

  • Giving personal recommendations on / dealing in Securities (RDR Activities 2 & 12)
  • Giving personal recommendations on / dealing in Derivatives (RDR Activities 3 & 13)
  • Giving personal recommendations on retail investment products and on friendly society tax-exempt policies (RDR Activities 4 & 6)
 
 

Which FCA Accredited Body would CFA UK recommend?

Though there are a number of professional bodies offering Statements of Professional Standing, CFA UK is partnering with the Chartered Institute for Securities & Investment (CISI) to offer a streamlined transition route for CFA UK members. CFA UK has a long-established relationship with the CISI who offer robust, hight quality SPS services and Continuing Professional Development. 
 
The CISI issue 7,000 Statements of Professional Standing annually for all RDR activities.  With a dedicated team working on SPS all year round, processing of initial SPS applications will take up to 10 working days but, for subsequent renewals, SPS applications can be processed and approved within minutes. 
 
We will be holding two joint CFA UK / CISI webinars (in August and in early September) for our SPS members to find out more about next steps.

 

BOOK YOUR PLACE HERE

 

What should I do first? (see process flowchart)

PROCESS FLOWCHART

If you are not already a member of CISI, you can contact them at SPStransition@cisi.org to confirm the grade of membership you are eligible for.

The CISI offers the following membership grades: 

  • Affiliate – no specialist financial qualification required.
  • Associate:  carries designatory letters (ACSI).
    Suitable for CFA UK Level 4 IMC / CFA Level I or II holders
  • Full membership: carries designatory letters (MCSI)
    Suitable for CFA Charterholders, ASIP and FSIP holders.

Current full CISI membership subscription fees are shown below. All new membership applications are payable on a pro-rata basis, depending on the time of year that the application is made.

  • Affiliate: £162 membership fee 
  • Associate: £162 membership fee 
  • Full membership: £235 membership fee 

Note: The CISI has agreed to waive the joining fee for this year, using the discount code CFASPS24. This discount code will be valid until the end of January 2025.

The CISI membership year runs from 1 April to 31 March and membership renewals are due annually by 1 April.

CFA UK, at your request, can verify all qualifications held with CFA UK. If you wish us to do so, please email SPStransition@cfauk.org confirming you are happy for us to share verification details with the CISI.

If members hold any external qualifications, we can confirm that we have undertaken qualification verification for the purposes of SPS, but we will not be able to provide evidence of your qualifications for the purposes of your CISI membership application.

Once CISI has confirmed the grade of membership available to you and you decide you wish to proceed, you can apply for membership online with the CISI. Applications are normally processed within one working day if evidence and payment is provided.

All new CISI members are required to pass the online integrity test – IntegrityMatters within three months of joining. Integrity Matters is free for new members. 

 

 
 
 

What is the earliest date I could apply for a 2025 SPS with the CISI and how much does it cost?

Once you have CISI membership, or if you are already a CISI member, you will first need to need to complete your CFA UK CPD year so 1 November is the earliest date you could apply for an SPS with the CISI.

However, as above, you can begin the application process to become a CISI member right now if required.

CISI has confirmed that they will treat SPS applications from those CFA UK members with an existing CFA UK SPS as a renewal and the corresponding fee of £39 will be applicable.

 
 

 
 
 

Does CISI offer SPS for regulators in Guernsey and the Isle of Man?

Yes, CISI offers SPS in these jurisdictions.  

 
 

 
 
 

How does the CISI SPS process work?

CISI operates a rolling CPD year and can issue an SPS throughout the year as long as the CPD year-end date falls within three months of the SPS start date.  

To apply for your CISI SPS, you will need to complete an online application form. This will be submitted to the SPS team directly upon completion to review.

For your initial application, CISI aim to process within 10 working days of receiving an application if all required information and accompanying evidence has been provided.

For subsequent applications, they will be online so will be instantly approved on completion. 

 

 
 

 
 
 

Will CFA UK confirm to CISI that I have met the RDR qualification requirements?

Yes. CFA UK members should contact CFA UK at: SPStransition@cfauk.org, copying in CISI at SPStransition@cisi.org  asking for CFA UK to verify that you have met the RDR qualification requirements, outlining the qualifications you specifically hold with CFA UK. 

 
 

 
 
 

Do I need to evidence that I have completed my CPD for CFA UK CPD Year 1 November 2023 to 31 October 2024?

In the first year with the CISI, you will be asked to self-declare that you have met the SPS CPD requirements. For subsequent CPD you will need to meet the CISI requirements for recording CPD. 

Please note, you will be subject to the annual CPD audit which is required by the FCA.