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Guide to Statements of Professional Standing

Published by FTAdviser | Jun 21, 2012

A statement of professional standing will provide customers with evidence that the adviser subscribes to a code of ethics, is qualified, and has kept their knowledge up to date.

What must advisers do to obtain a statement of professional standing? What can they expect from providers of such certificates?

FTAdviser’s Guide to Statements of professional standing will explain how to pick the right accredited body for you, what you must do to meet the standards required and the cost for your business.

Answers supplied by Sue Wiggins, CPD manager of the Institute of Financial Services, Sue Leech, education director at the Institute of Financial Planning, and Steve Jenkins, director of financial services and insurance markets at the Chartered Insurance Institute.

IN THIS GUIDE
  1. Q: What is a statement of professional standing?

    A Statement of Professional Standing is a certificate that confirms an adviser has met certain requirements.

  2. Q: Who provides statements of professional standing?

    As of spring 2012, there were eight FSA accredited bodies that can provide statements of professional standing.

  3. Q: Are all statements of professional standing the same?

    All statements of professional standing need to confirm the same information, such as name, FSA number and period of validity.

  4. Q: What should I ask SPS providers?

    There are several key questions advisers should ask providers of statements of professional standing.

  5. Q: How do I apply for a statement of professional standing?

    Different accredited bodies have a variety of ways to apply for a statement of professional standing.

  6. Q: How long will it take to obtain a statement?

    Most accredited bodies FTAdviser spoke to stated they would normally issue the statement within five working days.

  7. Q: How much does a statement of professional standing cost?

    Providers charge varying amounts for issuing a statement of professional standing.

  8. Q: Once I have a statement, what do I need to do?

    Once you have your SPS, you can continue to work in regulated financial advice post 31 December 2012.

  9. Q: Once I have a statement, what will the provider do?

    Accredited bodies all need to check at least 10 per cent of holders to review in detail their CPD activities.

  10. 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.

  11. Q: Can I change my provider of SPS?

    Financial planners can only hold one SPS at a time.

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Q1.  To obtain a statement of professional standing, an adviser must:

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Q2.  Each year an adviser’s SPS:

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Q3.  As of Spring 2012, how many accredited bodies can provide a SPS?

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Q4.  Who can apply for a SPS on the Chartered Insurance Institute’s website?

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Q5.  How long should you give the CII to verify your gap fill?

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Q6.  Which of the below organisations issue SPS to non-members?

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