Commonly made mistakes with Statement of Professional Standing (SPS) applications
As the CISI receives an increasing number of SPS applications we are noting a series of commonly made mistakes. These are set out below to help firms and individuals:
- Problem: Applicants are Student members or non members of the CISI.
Solution: The CISI can only process SPS applications for members (excluding students) or employers of a CISI Corporate Supporter. To apply for membership you can find the appropriate application forms on our website at cisi.org/mforms
- Problem: Gap-fill not completed fully (or at all).
Solution: Our gap-fill guide offers guidance on meeting your gap-fill requirments and can be found on our website at cisi.org/gapfillguide.
- Problem: Unsuitable CPD submitted as gap-fill.
Solution: Gap fill refers to the additional learning that needs to be undertaken to bring certain qualifications up to the new RDR/RFA exam standards. Any gaps between the content of these qualifications and the new Level 4 exam standards needs to be filled by structured learning. Please refer to the Gap fill guide at cisi.org/gapfillguide
- Problem: SPS submitted outside of CPD three month window.
Solution: Your CPD year end date must be set within 3 months before your SPS date. You can move your CPD year end date so it falls in line with your SPS date by emailing firstname.lastname@example.org.
- Problem: CPD year not passed yet Standard SPS applied for.
Solution: You need to ensure you have a pass/provisional pass awarded to you in your CPD year record to apply for an SPS. If your CPD log has been selected for Audit you will still be able to apply for your SPS but please note that if you fail to meet the Audit requirements, you may have your SPS withdrawn. You can find details on how to achieve your CPD at cisi.org/rdrcpdwithcisi
- Problem: Applicants ticking that their firm will verify their applications but their firm has not applied to the CISI to be a verifier.
Solution: Firms looking to apply to appoint a verifier for their firm for SPS applications, will need to email email@example.com with their name, job title, phone number and email address. Recommended verifiers usually work in Training & Competence, HR or Compliance.
- Problem: Entering the incorrect or no FCA number on your application form or MyCISI details.
Solution: Individual FCA numbers must be entered onto MyCISI by the applicant. You can do this by logging on to MyCISI, selecting the 'My Details' tab and editing your profile. You will need to also ensure that you have ticked yes to the 'Are you a Retail Investment Adviser' option.
- Problem: Information not correlating between application form / CISI system / FCA register.
Solution: You will need to ensure that your details in your MyCISI record correlate with your SPS application form and the FCA register. This includes employer details and spelling of names.
- Problem: Applicants stating that they have submitted gap-fill to the CISI via the CISI gap-fill log, when this has not been submitted.
Solution: Details on how to submit your gap-fill. Once you have declared you have met all of the gap-fill requirements in your CISI CPD log, then the below message within the gap-fill log will appear. Under the RDR qualification gap-fill tab you will see a submit button in a yellow box which you can push to submit your qualifications and gap-fill for verification. Please do this before submitting your SPS application.