Your Statement of Professional Standing (SPS) has been renewed

Since 31st December 2012, every retail investment adviser in the UK has needed to hold a valid Statement of Professional Standing (SPS) in order to give advice to clients.

This annually renewable certificate, issued by an accredited professional body, demonstrates that any adviser has met the new qualification and competence standards.

As my own SPS was renewed for another year this morning, by the Chartered Insurance Institute (CII) who I choose as my accredited professional body, it seemed like a good opportunity to remind visitors to this blog what the SPS is and why it is so important.

The SPS confirms an adviser:

-Has adhered to a code of ethical standards

-Holds the required qualifications for the activities they undertake; and

-Has completed appropriate Continuing Professional Development and complied with Statements of Principle and Code of Practice for Approved Persons.

In order to apply for an SPS or renew an existing Statement of Professional Standing with the CII, advisers must be an active retail investment adviser and have an individual reference number from the Financial Conduct Authority.

Checking that your financial adviser has a valid Statement of Professional Standing in place is an important item of due diligence that every investor should complete before working with an adviser.

It is possible for the SPS to lapse – which means an adviser is not permitted to deliver advice until it has been renewed – and no doubt some advisers slip through the cracks and continue to advise without a valid SPS in place.

Here at Informed Choice, you can find a copy of the latest SPS for each Financial Planner on our profiles here.

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