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 currently recognised as an accredited body by the FCA and can issue a Statement of Professional Standing to individuals who meet the standards of professionalism required by the RDR.
We are closing our Accredited Body Scheme with effect from 31 December 2017. This means we will not issue any new Statements of Professional Standing (SPS) or accept applications for renewals for 2018. Existing certificates will expire on 31 December 2017.
We have made arrangements with the Chartered Institute of Securities and Investment (CISI) for ICAEW SPS holders to have a point of contact with an alternative Accredited Body. CISI will be able to explain what you need to do to obtain an SPS from them. The contact details are as follows:
Colleen Petersen Chartered FCSI, Head of Membership Policy and CPD Audit, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London, EC3M 3BY
T +44 (0)20 7645 0636
In addition to the CISI, the following organisations are accredited bodies and offer statements of professional standing:
- CFA Society of the UK
- The Chartered Institute of Bankers in Scotland (CIOBS)
- The Chartered Insurance Institute (CII)
- The Institute of Financial Planning (IFP)
- The London Institute of Banking and Finance (LIBF) - formerly known as The Institute of Financial Services (IFS)
- The Pensions Management Institute
If you do not obtain an SPS from CISI or another accredited body you will not be able to continue to work as a retail investment adviser.
For further information please contact our technical helpline on +44 (0)1908 248 250