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SPS

Statement of Professional Standing

Apply for a SPS for the year you require:

SPS 2021 (1 Jan 2021 - 31 Dec 2021)

SPS 2020 (1 Jan 2020 - 31 Dec 2020)

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. A CFA UK SPS is valid from the date of application (1st application) or for 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
  • Have paid the SPS application fee of £35 
  • Be certified as 'fit and proper' by your firm (if the firm falls within the 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 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

2021 SPS application deadline is 30 November 2020.

2021 SPS applications will be processed within 1 month from the application date.

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.
 
For 2021 SPS renewals, the FCA has recognised that due to COVID-19 pandemic, exceptional circumstances might impact individuals completing the required minimum number of CPD hours; accordingly, the FCA has set in place guidance to enable individuals to carry over CPD hours not completed to the next CPD year. Any individual wishing to carry over CPD hours not completed to their next CPD year must have agreed this with their Compliance Officer and confirmed in writing to CFA UK.
 
For 2020 SPS renewals, CFA UK offered an option for applicants to end their CPD year a month later than usual, to 30 November 2019. If you applied for the CPD extension for 2020, any CPD completed in November 2019 and utilised in your prior certification cannot be used towards your 2021 SPS CPD requirements.
 
While we do not ask you to submit your CPD log, it is essential that you maintain one in line with our policy, and to be issued with an SPS you must attest to having completed your CPD in line with these standards.

Click here to view the CFA UK CPD Policy 

Please be aware that CFA UK audits 10% of SPS applicants annually to verify that CPD records are accurate, and that the continuing professional development undertaken by the member is appropriate. Therefore, you must be ready to submit your completed CPD log on request. CFA UK may withdraw an SPS where requirements have not been met.

Click here to view the CFA UK CPD Audit Policy P12-17.

 

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.

2021 SPS Certificate

Due to current government guidelines, the majority of CFA UK staff are currently working from home and consequently all 2021 SPS certificates will be issued in digital format. Digital certificates will be sent directly to the SPS holder. 

Replacement SPS

The cost for CFA UK issuing a replacement SPS to a member is £15.00. To request a hard-copy replacement contact us via email: sps@cfauk.org 

Please note that CFA UK is unable to provide a digital replacement 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. 

If you require a verification of a previous SPS certificate then please contact the Verifications team via email: verifications@cfauk.org.

Payment

The issue of an SPS usually incurs a £35.00 (VAT not applicable) to active CFA UK members who apply for an SPS 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 fully 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.

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.