Guide · Qualifications
What is a Statement of Professional Standing for a financial adviser?
For relevant retail investment advisers, an annual Statement of Professional Standing is evidence that professional standards and qualification checks are being maintained.
What is an SPS?
The FCA requires relevant advisers to hold a Statement of Professional Standing issued by an accredited body. It is renewed annually and provides evidence that professional standards are being met.
What does it confirm?
Qualification verificationThe accredited body confirms appropriate qualifications have been verified.
KnowledgeThe adviser declares that professional knowledge has been kept up to date.
Ethical standardsThe adviser confirms compliance with relevant professional standards.
Reference detailsThe SPS includes the adviser's individual reference number and encourages consumers to check the FCA Register.
Can a consumer ask to see it?
Yes. The FCA encourages consumers to ask advisers for their Statement of Professional Standing, especially when considering appointing them.
Does an SPS mean the adviser is the best fit?
No. It is an important professional requirement, but consumers should still compare specialism, client fit, service and fees.
Sources & further reading