Q: Are all statements of professional standing the same?

They may look slightly different, but Sue Wiggins, CPD manager of the Institute of Financial Services, said they all mean the same thing, “nothing more, nothing less.”

While the main requirements for receiving a statement of professional standing are the same, they may be issued based on different activities which the financial planner carries out.

For example, Steve Jenkins, director of financial services and insurance markets at the Chartered Insurance Institute, said some financial planners are authorised to advise on derivatives and their SPS will be issued reflecting this activity, although it will not be printed on the SPS itself.