Statement of Professional Standing

Retail Investment Advisers operating in the UK are required to hold a Statement of Professional Standing (SPS) in order to practice. The CISI is recognised by the UK’s Financial Conduct Authority (FCA) as an accredited body for the issuing of Statements of Professional Standing.

Apply for a Statement of Professional Standing

Retail Investment Advisers in the UK are required by the Financial Conduct Authority (FCA) to hold an active Statement of Professional Standing (SPS). To apply for a SPS individuals must be a Retail investment adviser as defined by the FCA and have:

  • Attained an appropriate RDR qualification and completed the relevant gap-fill (where appropriate)
  • Completed 35 hours RDR relevant Continuing Professional Development (CPD) on the CISI CPD Scheme or CISI Accredited CPD Scheme
  • Agreed to SPS terms and conditions
  • Adhered to the FCA Statement of principle and code of practice for approved persons (APER) or if a Retail Authorised Person complied with the COCON requirements
  • Signed up to a recognised code of conduct

We will only accept applications from CISI members (excluding Student members) and employees of Corporate Supporters. Applications must be made within three months of your CISI CPD year ending, so we can ensure that the CPD undertaken is current and relevant. You can find information on Non FCA Jurisdictions, if you are applying for an SPS in Guernsey or the Isle of Man.

SPS eligibility

If you are unsure if you are eligible for an SPS please refer to our SPS requirements:

 For FCA Approved Persons
 For Retail Authorised Persons

Application process

Please return the form with all required accompanying evidence to spsapplications@cisi.org, or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY.

Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us.

Costs

Application Type Price
Member – if paid for in advance with a membership subscription.  £35 
Member - if paid for at application.  £45 
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

Due to a recent change in interpretation of guidance on VAT from HRMC, we are no longer required to charge VAT on SPS fees

Processing Timescales

We 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 we need 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.

Guidance for completing your SPS

To assist with the completion of the form, the Institute has developed information about commonly made mistakes.

SPS Terms and Conditions

To view the SPS terms and conditions please click here

Questions

To support you in your SPS application or renewal, the CISI has compiled a list of frequently asked questions.

If you are unsure whether you are eligible to apply for an SPS, or if you have any other questions about the application process, please email rdr@cisi.org

Firm SPS application verification

The CISI strongly encourages firms to verify their advisers’ SPS applications.

Please note: Retail Authorised Persons under the Senior Managers/Certification Regime are required to ensure that their SPS applications are verified by their firms.

The eligibility criteria for verifiers is as follows:

  • Firms can nominate as many verifiers as they wish.
  • An adviser cannot verify their own application.
  • It is recommended that verifiers work in the Training and Competence, HR or Compliance department and are suitably knowledgeable and responsible persons to undertake SPS verification.
  • The CISI requires firm verifiers to be nominated prior to the submission of a completed SPS application form.
  • It is not mandatory for firms to verify SPS applications, but it is strongly recommended for them to do so.

If you wish to register verifiers please email spsapplications@cisi.org with details for each verifier.