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Statement of Professional Standing (SPS)

As part of the FSA's Retail Distribution Review (RDR), retail investment advisers must obtain a Statement of Professional Standing (SPS).

ICAEW is recognised as an accredited body by the FCA (previously, the FSA) and can issue a Statement of Professional Standing to individuals who meet the standards of professionalism required by the RDR. 

Can I contact you if I have any questions?

If you have any questions, please email sps@icaew.com

How do I apply for an SPS?

Simply download the application form, save it to your computer, fill it in electronically, save, print and sign it and send it to the address at the end of the form, together with a cheque payable to CHARTAC for the fee of £100 (+VAT).

How much does it cost?

The application fee for the year ending 31 December 2014 is £100 excluding VAT.

If I hold a transitional qualification, how do I meet the gap-fill requirements?

To help you meet the qualification standards, ICAEW’s Financial Services Faculty in association with the Chartered Institute of Bankers in Scotland, has launched an online RDR gap-fill tool which will help you to identify and fill any gaps in your knowledge.

What are the qualification standards?

You need to provide evidence that you:

  • hold a qualification that fully meets the RDR examination standards; or
  • hold an RDR transitional qualification and have completed the necessary RDR 'gap-fill'.

You must:

  • agree to meet the FCA’s Statement of Principle and Code of Practice for Approved Persons (APER);
  • comply with the FCA’s CPD rules;
  • comply with ICAEW’s Statement of Professional Standing Regulations; and
  • agree to abide by ICAEW’s Code of Ethics;
  • agree to abide by ICAEW’s disciplinary rules and procedures.

Although awarding bodies should be able to confirm whether you hold a fully compliant RDR examination and may be able to provide you with evidence of the gap fill you’ve undertaken, only accredited bodies such as ICAEW are able to verify that you have met the RDR qualification standards by holding an approved RDR transitional qualification and completing the required RDR gap-fill and so issue you with an SPS.

What happens next?

Once we receive your application, we will assess it and, if you meet the criteria, we’ll approve your application. We’ll send you an email to let you know when your application has been approved and we’ll send your SPS by email a few days later. You will need to renew your SPS annually and there will be a fee to pay on renewal.

If, during the process, we have any questions, we’ll contact you by phone or email.

Who can apply for a Statement of Professional Standing from ICAEW?
  • ICAEW members and affiliates;
  • members of other CCAB accountancy bodies and the Institute and Faculty of Actuaries;
  • employees of ICAEW member firms;
  • employees of audit registered firms and/or firms licensed by ICAEW under the DPB regime; and
  • principals and employees of firms controlled or managed by ICAEW members and/or ICAEW members firms, at the discretion of ICAEW.

ICAEW  Statement of Professional Standing regulations apply to all individuals issued a statement of professional standing by ICAEW and all applicants for a statement of professional standing (SPS).