From Adviser Guide: Statements of professional standing
Q: What happens if I no longer meet SPS requirements?
The SPS is issued annually and if an adviser is unable to meet the requirements for CPD or ethics it will not be possible to issue an SPS.
Sue Wiggins, CPD manager of the Institute of Financial Services, said her organisation would issue guidance for advisers in this position.
Ms Wiggins said: “The institute also has the ability to revoke an SPS in cases where non-compliance with the requirements is proven.”
The SPS may be withdrawn by the accredited body if it has relied on false or inaccurate information about an adviser’s qualifications, CPD, ethical behaviour, or if the adviser fails to meet any other of the accredited body’s requirements.
Steve Jenkins, director of financial services and insurance markets at the Chartered Insurance Institute, said advisers can contact his organisation and cancel the SPS at any time.
He said: “You should destroy any copies of the certificate you may hold.”