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SPS

Statement of Professional Standing

Apply for a Statement of Professional Standing (SPS)

A valid SPS is required for anyone advising private (retail) clients.

An SPS is an annual certificate which requires renewal each year. CFA UK issues SPS for the calendar year to 31 December. Renewal applications must be submitted by 31 October each year. 

 

Please choose the SPS you wish to apply for:

SPS 2017 (1 Jan 2017 - 31 Dec 2017)

You are applying for your SPS for the calendar year 1 January 2017 - 31 December 2017.



About Statement of Professional Standing

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 for 12 months from 1 January-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.

There are a number of conditions which need to be met before CFA UK can issue an SPS:

  • You hold the correct RDR-approved qualifications and have completed the relevant gap-fill
  • You are a fully paid-up member of CFA UK for the current membership year
  • You have an active FCA CF30 registration number, or are certified as 'fit and proper' by your firm
  • 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

Please submit your application as soon as possible - the deadline for applications is 31 October each year for members wishing to receive their SPS before 1 January.

Once CFA UK has determined you are RDR qualified and have met the requirements for issuing an SPS, CFA UK will email you to notify you that your SPS will be issued. 

 

SPS 2017

The CFA UK CPD year runs from 1 November to 31 October each year. Members who are applying for their SPS with CFA UK for the SPS year 2017 will be required to meet the appropriate CPD requirement:

All members who submitted their SPS application for a 2016 SPS before 1 November 2015 will need to have completed 35 hours of CPD in order to renew their SPS for 2017.
Members who submitted their SPS application for a 2016 SPS in the period 1 November 2015 – 31 October 2016 will be need to have completed a prorated number of CPD hours.
Members who apply for SPS for the first time and have not previously advised in retail will not be required to complete any CPD.

 

Replacement SPS

The cost for CFA UK issuing a replacement SPS to a member is £15 including VAT. To request a hardcopy 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.

 

SPS Application and Disclosure consent

Members will need to submit their SPS application via the CFA UK website where they will also be presented with a Disclosure Consent Form (DCF) to download. The DCF will need to be printed, signed, scanned and emailed to sps@cfauk.org with each SPS 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 the 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. Members are also required to confirm that they comply with the FCA's Statements of Principal and Code of Practice for Approved Persons (APER), or with the FCA's Code of Conduct (COCON), whichever is relevant to the member's role.

 

CPD log

Members applying for an SPS need to complete a verifiable record of their CPD each year. The CPD year runs from 1 November to 31 October each year, to enable sufficient time for CFA UK to audit 10% of SPS applications and to issue SPS during November and December for the SPS year commencing on 1 January.

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.

 

Audit

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

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

 

Issuing an SPS

The SPS is a paper certificate that will be posted to the member. The member needs to ensure that their main address in their CFA UK member record is the correct address for mailing purposes.