Statement of Professional Standing

Chris Broome – Chartered Financial Planner

It’s that time of year where my personal Statement of Professional Standing (SPS) is renewed by the Chartered Insurance Institute (CII).

And as with each renewal, I’m delighted that it’s been reissued.

Chris Broome - Statement of Professional Standing

Why is it important?

The Financial Conduct Authority (FCA), who regulate the financial advice arena, requires that all retail investment advisers now hold a Statement of Professional Standing.

An SPS can only be issued by an FCA appointed accredited body, such as the CII, and confirms that an adviser:

  • Has adhered to a code of ethical standards
  • Holds the required qualifications for the activities they undertake
  • Has completed appropriate CPD and complied with APER (Statements of Principle and Code of Practice for Approved Persons)

Always double-check that your adviser has an SPS

As clear as I state it, if you’re engaging with a brand new firm of financial planners/advisers, always check that (a) the individual advising you is on the FCA register (click here for my entry), but also (b) they hold a valid SPS (click here for my SPS).

If the individual cannot evidence both, then think again before working with them. Only receive advice relating to your hard earned life-savings from someone who can demonstrate they are regulated and indeed professionally competent.

When’s a Financial Adviser NOT a Financial Adviser?

When they don’t have a valid SPS.

Whether it’s an unregulated salesman calling you to tell you about a fantastic 10% guaranteed investment bond you can invest in.

Or, whether it’s a mortgage broker pretending to be a financial adviser because they want new prospective clients to think they’re something that they’re not.

ALWAYS check they’re on the FCA register. ALWAYS check they hold a valid SPS. ALWAYS check they’re telling the truth that they’re a regulated and qualified financial adviser/planner.

This will ensure you’re always dealing with an appropriately qualified and professional individual.