David Thomson, director of policy and public affairs at the Chartered Insurance Institute, gives a quick recap of the rules surrounding Statements of Professional Standing.
The retail distribution review (RDR) is set to transform the financial advice sector when it comes into effect after December 2012, not least as to how advisers demonstrate professionalism in a regulatory context. In addition to achieving a minimum qualification equivalent to QCF level 4, it is less well known that a regulated adviser will also be required to obtain and uphold a Statement of Professional Standing (SPS). The SPS is an annual declaration which will verify that an adviser has acted in accordance with, and continues to subscribe to, the FSA’s requirements for professional...
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