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; and
- 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 CII SPS.
Eligibility criteria - please read before applying
To be eligible for a CII 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.
Please note, following the FSA's replacement with the FCA, we are now in the process of updating references to the regulator within our SPS application centre.