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CII and IFP won’t charge for professional statements

The Chartered Insurance Institute and the Institute of Financial Planning say they will not charge advisers an additional fee for providing statements of professional standing.

In its final rules on professionalism, published last month, the FSA announced that investment advisers will need an SPS to give independent or restricted advice from January 2013.

The regulator says the statements will be awarded annually by accredited bodies and cost between £60 and £175 a year. CII director of policy and public affairs David Thomson says: “Our whole approach in applying for accredited body status is about providing a membership package on professionalism.

We see the SPS as an extended part of that membership so we do not see why we would need to charge extra for that.”

IFP chief executive Nick Cann says: “What we would be asked to do as an accredited body we already do for people who are certified financial planners. We are anticipating no extra work to provide the SPS, so we would expect that for existing and future members of the IFP, the SPS would be covered by their membership fee.”

The Chartered Institute for Securities & Investment and the ifs School of Finance are also applying to the FSA for accredited body status. CISI says it plans to charge members less than £50 and the ifs says it is considering whether to charge advisers for the SPS.

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