Apply for a SPS for the year you require:
About Statement of Professional Standing (SPS)
Since 1 January 2013, all retail investment advisers must obtain a Statement of Professional Standing (SPS) from an FCA-Accredited Body in order to practice.
A CFA UK SPS certificate 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 for advising and dealing in securities and/or derivatives 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
- Be certified as 'fit and proper' by your firm
- If regulated under the FCA, you must be issued with an Individual Reference Number (IRN) and have an active FCA directory entry that confirms you have been certified and assessed by your firm for the relevant FCA RDR activities.
- 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 Code of Conduct (COCON) or with FCA’s Code of Practice for Approved Persons (APER), whichever is relevant to your role
- Completed the required continuing professional development (CPD) hours for your type of application between 1 November and 31 October – see further below for more information.
- If your last SPS certificate was issued by another accredited body, you must provide CFA UK with a copy of your most recently held SPS certificate.
An SPS certificate issued by CFA UK does not cover retail investment products (FCA RDR activities 4 and/or 6) because CFA UK qualifications do not cover the specialist standards required. Those looking to advise in retail investment products, should contact alternative accredited bodies.
CFA UK’s SPS year runs from 1 January to 31 December. All SPS holders need to renew their SPS certificate annually.
If you apply to renew after 1 January, and your application meets our eligibility criteria, you will receive your SPS certificate with a start date in accordance with our terms and conditions.
For first time applicants, your certificate start date is the date that you applied.
All applications will be processed within 1 month from the application date, subject to us being in receipt of all necessary information.
Retail investment advisors must hold the relevant RDR qualifications to be eligible for an SPS certificate.
To see which CFA UK and CFA Institute qualifications you can use in combination to become RDR compliant to advise in securities (FCA RDR activities 2 & 12) and/or derivatives (FCA RDR activities 3 & 13), please head to our RDR webpage for further information.
If you are not sure if you are RDR compliant please email SPS@cfauk.org before proceeding with your application.
CFA UK recommends that that you contact alternative accredited bodies if you wish to give advice in retail investment products (FCA RDR activities 4 and/or 6).
As of 31 March 2021, those who are regulated by the FCA are now required to have an active entry on the FCA register, with the relevant FCA RDR activities listed which they have been signed off to advise in.
The SPS applicants’ firms are responsible for registering the appropriate information on the FCA Directory related to those authorised individuals in their employment.
CFA UK is only able to award SPS certificates that cover FCA RDR activities 2 and 12 (advising on securities); and 3 and 13 (advising on derivatives). Our certificates do not cover FCA RDR activities 4 and/or 6 (advising in retail investment products) because CFA UK qualifications do not cover the specialist standards required.
See our RDR webpage for more information on the combinations of CFA UK qualifications that can be used to become RDR compliant.
CFA UK is not responsible for your FCA registration. If you are unsure of your FCA registered status, please contact your Compliance Officer.
If you or your compliance team are experiencing issues with updating your FCA directory entry, firms can email the FCA directly at email@example.com.