Statement of Professional Standing

The former UK financial services regulator, the Financial Services Authority (now the Financial Conduct Authority), launched the Retail Distribution Review (RDR) in June 2006. The review targeted the quality and standard of advice available to consumers in the UK retail financial services sector. Retail Investment Advisers operating in the UK are required to hold a Statement of Professional Standing (SPS) in order to practice. The CISI is recognised by the UK’s FCA as an accredited body for the issuing of Statements of Professional Standing.

Apply for a Statement of Professional Standing

To apply for an SPS individuals must be a Retail investment adviser as defined by the FCA and meet the following requirements:

  • Hold an active FCA profile on the FCA Directory
  • Be an adviser who carries on FCA activities 2, 3, 4, 6, 12 and 13
  • Be certified on the FCA’s register in [FCA CF] Functions requiring qualifications or CF30 (if appointed representative)
  • Attained an appropriate RDR qualification and completed the relevant gap-fill (where appropriate. In order to use gap-fill with a CISI qualification it must have been lodged with the CISI prior to 1st January 2021). Certified evidence is required for non-CISI qualifications.
  • Agreed to SPS terms and conditions
  • Compiled with the COCON requirements (or Adhered to APER applicable to Appointed Representatives only)
  • Signed up to the CISI code of conduct

We will only accept applications from CISI members (excluding Student members). The SPS start date must be within three months of your CISI CPD year end date, so we can ensure that the CPD undertaken is current and relevant. If your CPD year does not end within 92 days prior to your SPS start date, we will realign your CPD year to a date that best suits.

Application process

SPS Application Form

Please return the form with all required accompanying evidence to spsapplications@cisi.org, or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY.

Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us.

Costs

Application Type Price
Member - if paid for at application.  £49 

Due to a recent change in interpretation of guidance on VAT from HRMC, we are no longer required to charge VAT on SPS fees

Selecting your SPS Date

Please find below a few things you would need to keep in mind when selecting your SPS date:

Your SPS date needs to be:

  • Set after passing your appropriate qualification/gapfill
  • Need to be within three months after your CPD year-end date

If advisers are moving between employers, we would only expect an SPS to be applied for once a firm has signed them off to undertake their role as an Retail Investment Adviser or if applicable their CF30 status is active.

Processing Timescales

We will aim to issue SPSs within 10 working days of receipt of an application as long as all the required information and accompanying evidence has been provided. If information or accompanying evidence has been omitted from the application and we need to request more information from the adviser, the SPS may take longer to process. Advisers must ensure they meet the SPS requirements before they apply. 

Due to the high level of incomplete or inaccurate SPS application, individuals now will be advised by email that their application is unable to be processed and will be given three days to supply the missing documentation. Regrettably, if this information is not received by the end of the third day, the application will be returned, unprocessed.

Guidance for completing your SPS

To assist with the completion of the form, the Institute has developed information about commonly made mistakes.

SPS Policies

To view the SPS terms and conditions please click here.

SPS Appeals Process Policy
SPS Disciplinary Process Policy

Questions

To support you in your SPS application or renewal, the CISI has compiled a list of frequently asked questions.

If you have any questions or concerns about the application process, please email SPSApplications@cisi.org.

If you are unsure whether you hold an RDR compliant qualification, please email rdr@cisi.org.

Firm SPS application verification

From the 9th of December 2019, all SPS applications will be required to be verified by a nominated Firm verifier (with exceptions only for Appointed Representatives and Sole Traders). Should you need to register a verifier, please complete the verifier application form and return this to the SPS team at spsapplications@cisi.org.

The eligibility criteria for verifiers is as follows:

  • Firms can nominate as many verifiers as they wish.
  • An adviser cannot verify their own application.
  • It is recommended that verifiers work in the Training and Competence, HR or Compliance department and are suitably knowledgeable and responsible persons to undertake SPS verification.
  • The CISI requires firm verifiers to be nominated prior to the submission of a completed SPS application form.

Our FAQs offer further guidance on changes.