cityscape

SPS

Statement of Professional Standing

Apply for the SPS year you require:

SPS 2017 (1 Jan 2017 - 31 Dec 2017)

 

About Statement of Professional Standing (SPS)

All retail investment advisers must obtain a Statement of Professional Standing (SPS) from an FCA-Accredited Body from the year commencing 1 January 2013. An SPS is valid from the date of application (1st application) or or 12 months from 1 January (renewal)- to 31 December and requires renewal on an annual basis. 

CFA UK will issue Statements of Professional Standing to members who comply with the RDR requirements and the conditions below:

  • You hold the correct RDR-approved qualifications and have completed the relevant gap-fill (if applicable)
  • You are a fully paid-up member of CFA UK for the current membership year
  • Pay the £30.00 SPS fee
  • You have an active FCA CF30 registration number, or are certified as 'fit and proper' by your firm (if firm affected by Senior Managers and Certification Regime – SMCR)
  • You adhere to the CFA Institute or CFA UK Code of Ethics and Standards of Professional Conduct and remain a member ‘in good standing’
  • You have signed and returned the relevant Disclosure Consent Form
  • You adhere to the CFA UK SPS terms and conditions
  • You comply with the FCA’s Statements of Principle and Code of Practice for Approved Persons (APER), or with FCA's Code of Conduct (COCON), whichever is relevant to your role
  • For an SPS year - commencing 1 January to 31 December - you have completed 35 hours of continuing professional development (CPD) prior to 31 October.

Timing

2017 SPS applications will be processed within 1 month from the application date.
If you are renewing or applying for a new 2018 SPS the estimate timelines for the dispatch of your hard-copy 2018 SPS certificate are as per below:

Date application submitted between

 Estimate certificate dispatch 

01 Sept 2017 to 31 Oct 2017              22 Dec 2017             
01 Nov 2017 to 31 Dec 2017              31 Jan 2018             
01 Jan 2018 to 31 Oct 2018              1 month from application date             

 

Cost

2018 SPS applications incur a fee of £30.00 (VAT is not applicable)

CPD requirements

SPS type

Minimum CPD

First SPS  Zero hours CPD
First renewal of SPS Prorated CPD from date of first SPS application to 31st October
Subsequent renewal of SPS Total 35 hours (of which a minimum 21 hours must be structured CPD)

 

The CPD needs to be completed between 1 November to 31 October each year.

In order for CFA UK to provide the member with an SPS, CFA UK recommends that a member’s CPD log is entered and submitted and the SPS application completed by the end of September each year. The cut-off date for an SPS application and submission of a CPD log is 31 October.

Click here to view the CFA UK CPD Policy 

A minimum of 10% of SPS applicants will have their records audited each year, as required by the FCA.

Click here to view the CFA UK CPD Audit Policy P14-17.
 

Disclosure consent form

Members will be presented with a Disclosure Consent Form (DCF) to download. The DCF will need to be printed, signed, scanned and uploaded as part of the online application each year. The DCF provides CFA UK with the member's consent to share information relating to the member's qualifications, CPD and professional conduct with relevant third parties.

 

Professional conduct

Members will be asked to confirm that they adhere to:

  • CFA Institute or UK Code of Ethics and Standards of Professional Conduct and are ‘in good standing’. Members are asked to report any pending issues or actions in relation to their professional conduct to CFA UK at the time of submitting their application and at any stage where an issue or action arises in the future.

Replacement SPS

The cost for CFA UK issuing a replacement SPS to a member is £15.00. To request a hard-copy please complete the following payment form and return it to sps@cfauk.org 

Please note that CFA UK is unable to provide an electronic copy of an SPS. All requests for a replacement SPS will incur the above fee, including re-issuing an SPS that failed to reach the recipient via post, for any given reason.

 

Terms and Condition:

Statement of Professional Standing Introduction

CFA UK has been designated by the FCA as an "Accredited Body" for the purposes of issuing SPS to its members.

If a member is eligible to be issued with an SPS by CFA UK (for the eligibility criteria, see below) CFA UK will issue that SPS on these Terms. Please note that CFA UK may, if so determined by the FCA, cease to be an Accredited Body and in such circumstances it will become unable to issue or reissue SPSs.

Issuing of the SPS

An SPS may be issued to eligible members annually in the form of a hardcopy certificate. To apply for an SPS please commence your SPS application via the website.

To be eligible for an SPS, members must fulfil the following criteria (as assessed by CFA UK in its absolute discretion):

  • Hold the required RDR-approved qualifications;
  • Be an active, fully paid CFA UK member;
  • Adhere to the CFA Institute or CFA UK Code of Ethics and Standards of Professional Conduct and be in good professional standing;
  • Pay the SPS fee of £30.00 (VAT is not applicable):
  • Have an active FCA CF30 registration number, or are certified as 'fit and proper' by your firm (if firm affected by Senior Managers and Certification Regime – SMCR);
  • Agree to the SPS terms and conditions documented here;
  • Have completed a minimum of 35 hours of CPD in the 12 months prior to applying, with at least 21 hours being structured and 14 being unstructured learning hours;
  • Agree to comply with the FCA's Statement of Principle and Code of Practice for Approved Persons (APER), or with the FCA's Code of Conduct (COCON), whichever is relevant to your role. 
     

Notwithstanding the foregoing, all applications are accepted at the discretion of CFA UK.

Each SPS is issued by CFA UK and CFA UK will determine, in its absolute discretion, its period of validity. CFA UK may also reject an SPS application or cancel a previously issued SPS for any member at any time, including (but not limited to) if that member ceases to fulfil any of the above criteria.

Members applying for the SPS will have to sign a disclosure consent form permitting CFA UK to seek information from, and share information with, third parties (such as CFA Institute, the FCA (or other regulatory body) and their employer).

Conditions

By submitting your application, you agree and acknowledge:

  1. that you have complied, and will continue to comply, at all times with the CFA Institute or CFA UK Code of Ethics and Professional Conduct Statement applicable to you;
  2. that we may verify or investigate details you have provided to us or that you provide in the future, and that we have your permission to process your personal data in order to do the same;
  3. that there is a degree of discretion and judgement involved on our part when assessing whether you have met the criteria required for us to issue any qualification(s) or an SPS, and that we will rely in making such decision(s) on information provided by you and also by relevant third parties, and that the exercise of that discretion may not always be in your favour;
  4. to keep us informed if from time to time: your circumstances change, any of the facts set out in your application cease to be accurate, or anything happens or is alleged to have happened which could affect your professional standing or your eligibility for the SPS; and
  5. that we are permitted to correspond with you at the address you have given us, that you will inform us promptly if that address changes, and that we will have no liability for any loss or damage you suffer as a result of our sending correspondence to the address you have most recently notified to us in writing;
  6. that we may cancel, reject, revoke, withdraw or otherwise amend any qualification(s) or SPS that we have issued to you if we have reasonable grounds to believe that you: 
    • fail, or have ceased, to meet the criteria for the same, or
    • have provided us with false or misleading information
    • breach, or have breached, the relevant CFA UK Code of Ethics and Professional Conduct Statement applicable to you; or
    • have failed to notify us of a relevant matter that arises (for which purpose, we would recommend that you err on the side of disclosure whether something might be relevant and should therefore be disclosed); and 
That you may face disciplinary action if you fail to comply with any of the above terms and conditions.

CFA UK may refuse to issue or renew an SPS if any of the above criteria are not met, or until such time as CFA UK is satisfied that there is no misconduct or risk of misconduct which may put a member's clients' interest at risk.

Payment

The issue of an SPS incurs a £30.00 (VAT not applicable) to active CFA UK members who apply for an SPS for 2018 but CFA UK reserves the right to change the fee for future applications received after that period, and for future years.

A formal request in writing, must be received by CFA UK within 14 calendar days of the SPS application is submitted, to cancel or refund an SPS. A refund is not available after CFA UK has dispatched an SPS or if members have not full met the conditions listed above.

 

CPD Record

It is the responsibility of the individual member to track their own CPD and to plan in advance to meet any annual requirement to which they may be subject. Members must collect any evidence of actual engagement for the full period of hours recorded in the CPD record/log. Attendance will be monitored as CFA UK deems appropriate. Members are responsible for entering all the required data into their CPD log or members’ account as required.

10% of CPD logs for those members requesting a Statement of Professional Standing (‘SPS) will be audited on an annual basis. Candidates will be informed via email if they are selected for audit and will be required to submit evidence of their CPD within the specified timeframe.

CFA UK reserves the right to contact a member's employer, colleagues, previous employer, third party CPD provider, other Accredited Body, the CFA Institute or the FCA (or other regulatory body) for SPS auditing purposes. Members who refuse to participate in the audit will not be issued with an SPS. Members, who are found via the audit process, to have not complied with the CPD requirements, may have their SPS cancelled by CFA UK if it has already been issued. If an SPS has not yet been issued, members who have not complied with the CPD requirements will not be issued with an SPS. CFA UK will notify the FCA of all SPS withdrawn. Appeals to the outcome of the audit can be submitted in writing no later than two weeks after the audit results are released.

Liability

CFA UK has no liability for any loss or damage that any person might suffer arising from its failure to issue or renew an SPS, or its rejection, cancellation or withdrawal of an SPS already issued, if an applicant fails to:

  • provide appropriate evidence of holding required RDR-approved qualifications;
  • sign the relevant disclosure consent form;
  • have an active FCA CF30 registration number, or are certified as 'fit and proper' by your firm;
  • submit their application by 31 October of each year;
  • provide evidence of appropriate CPD completed, if requested to do so during an audit;
  • comply with any of the terms set out above;
  • provide evidence of eligibility in the form required by CFA UK; or
  • meet any of the eligibility criteria set out above (as determined by CFA UK);
  • agree to comply with the FCA's Statements of Principle and Code of Practice for Approved Persons (APER), or with the FCA's Code of Conduct (COCON), whichever is relevant to your role. 

CFA UK will also have no liability for any loss or damage suffered as a result of a disciplinary or investigative procedure commenced by CFA UK or CFA Institute if it believes that a member has provided false or misleading information or is otherwise not in compliance with the relevant Code of Ethics and Standards of Professional Conduct.