Statements of Professional Standing (SPS)

The UK Regulator the FCA has stated that to demonstrate compliance with the RDR all retail investment advisers must obtain a Statement of Professional Standing (SPS) from an Accredited Body. The CISI, as an FCA Accredited Body, is issuing SPSs to retail investment advisers.

Apply for a new SPS Renew your SPS Application

The CISI SPS is a certificate that is valid for 12 months and requires renewal every year. While the CISI will process all SPS applications as quickly as possible the CISI may take up to two months to process an SPS application, or an indefinitely longer period if there are omissions or gaps in the submission. The CISI SPS will confirm that the CISI has verified that the adviser has met the following requirements:

Active FCA number and authorised as a Retail Investment Adviser
Achieved an RDR appropriate qualification
Completed relevant qualification gap-fill for their qualification (where appropriate)
Completed 35 hours appropriate continuing professional development (CPD) - (this requirement is recommended, but optional, prior to 31 December 2012 - individuals are recommended to check with their firm's internal policy).
Adhered to the FCA Statements of principle and code of practice for approved persons (APER)
Adhered to the CISI’s Code of Conduct
Agreed to the SPS terms and conditions
Be a member of the CISI (excludes Students) or employee of a CISI Corporate Supporter.

The CISI will issue two different types of SPS. To see which type of SPS you can apply for, please refer to our RDR booklet.
To access the Initial SPS application form click here.

Qualifications and Gap-fill
CPD and Membership
Specialist Areas
Timescales
Costs

Qualifications and Gap-fill

Please note that advisers will typically only need to demonstrate compliance with the qualification and gap-fill requirement for their initial SPS. However, there may be occasions, when adding specialist areas, where CISI will need to see additional information relating to these areas. Please visit our renewal page for more information regarding adding RDR specialist areas.

CPD and Membership

Advisers must apply for an SPS within three months of their CISI CPD year ending, so the CISI can ensure that the CPD undertaken is current and relevant.

Only CISI members (excluding students) and employees of Corporate Supporters can apply to the CISI for an SPS. Find out more about RDR and Membership.

Find out if you have met the requirements for an SPS from the CISI.

Adding RDR specialist areas

The CISI can add specialist areas to an adviser's SPS once this has been issued. There are two ways to do this:

Adding a specialist area at the SPS renewal - there is a section in the renewal form to add the area and advisers just need to attach evidence of the additional gap fill or qualifications
Adding a specialist area during the current SPS year. Advisers need to email evidence of the additional gap fill or qualifications to rdr@cisi.org asking for this additional area to be added to the SPS. A new SPS will not be issued as the SPS does not outline the specialist areas, however the CISI system will be updated and this will be available to the FCA.

Please note that advisers can, and are advised, to apply for additions to specialist areas in advance of renewing their SPS wherever possible. Please click here to determine qualification and gap-fill requirements for specialist areas.

Timescales

Initial SPS applications

The CISI will aim to issue SPSs within two months of receipt of an application as long as all the required information and accompanying evidence has been provided. If information or accompanying evidence has been omitted from the application and the CISI needs to request more information from the adviser, the SPS may take longer to process. Advisers must ensure they meet the SPS requirements before they apply.

Due to the high level of incomplete or inaccurate SPS application, individuals now will be advised by email that their application is unable to be processed and will be given three days to supply the missing documentation. Regrettably, if this information is not received by the end of the third day, the application will be returned, unprocessed.

SPS renewals

The standard processing timescale for all SPS applications is up to fifteen working days from the date of receipt. If the applicant requires additional RDR specialist areas to be added to their SPS approval, then this application will take an additional ten working days to process. Please note that you can, and are advised, to apply for additions to your specialist areas in advance of renewing your SPS application wherever possible.

Costs

Application Type	Price
Member – if paid for in advance with a membership subscription.	£35 (Incl VAT £42)
Member - if paid for at application.	£45 (Incl VAT £54)
Non-member who is an employee of a CISI Corporate Supporter. (Members of the CISI who work for Corporate Supporters will be eligible for member rates detailed above.)	£125 (Incl VAT £150)

Renewal Type	Price
Member – paying for SPS in advance with a membership subscription.	£20 (Incl VAT £24)
Member - paying for SPS at application.	£30 (Incl VAT £36)
Non-member who is an Employee of a CISI Corporate Supporter. (Members of the CISI who work for Corporate Supporters will be eligible for member rates detailed above.)	£125 (Incl VAT £150)