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FSA accredits six bodies to process SPS applications

The regulator has formally approved the first six accredited bodies, which will be responsible for issuing advisers with their statements of professional standing.

The Chartered Insurance Institute, Institute of Financial Planning, ifs School of Finance, Chartered Institute for Securities and Investment, Chartered Institute of Bankers in Scotland and the CFA Society of the UK have all been officially approved.

Advisers must hold an SPS from January 2013. The statements will certify that advisers have reached the minimum qualification requirements under the retail distribution review, including any gap-fill and ongoing CPD.

The CII and the ifs will both begin taking SPS applications in October. The CII says it will FSA-approved list of accredited bodies take no longer than 60 working days to process, while the ifs says an SPS will be provided within 10 working days.

The IFP plans to issue the statements from February 2012, in line with members’ renewal dates, while the CIOBS expects to be able to provide them “in early 2012”.

The IFP, the CII, and CIOBS will not charge members for an SPS.

The ifs School of Finance will charge members £40 and non-members £75.

The CISI will charge members £45, reduced to £35 for those who pay in advance with their membership fees.

Employees of CISI corporate members, who are not members themselves, will be charged £125 per SPS.

IFP chief executive Nick Cann says: “This news should give all those who see themselves as part of the financial planning profession the confidence to approach the IFP now to prepare for their first SPS.”

CII director of policy and public affairs David Thomson says: “We view the role of an accredited body as very close to our purpose and experience as a membership professional body.”

The CFA Society of the UK was unavailable for comment.

FSA-approved list of accredited bodies

CFA Society of the UK
The Chartered Institute for Securities and Investment
The Chartered Institute of Bankers in Scotland
The Chartered Insurance Institute
The Institute of Financial Planning
The ifs School of Finance

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