Policies processes and guidelines
The London Institute of Banking & Finance is an FCA Accredited Body. As an Accredited Body the FCA requires The London Institute of Banking & Finance to ensure that all advisers using its SPS services:
- subscribe to a code of ethics which is consistent with the Statements of Principle for Approved Persons (APER)
- hold appropriate qualifications including the verification of gap fill, where necessary
- complete a 10% CPD sample check.
These terms and conditions set out to ensure we can meet our commitments to the FCA and ensure those applying and holding an SPS are aware of The London Institute of Banking & Finance requirements. The London Institute of Banking & Finance extends these terms and conditions to its CPA where indicated.
- Applicants are responsible for ensuring the accuracy of information contained in their SPS / CPA application. This includes details which are automatically populated into an online application made through our secure portal.
- Applications will only be processed where full payment of the appropriate fee has been received.
- Members are entitled to a discount on the SPS / CPA application fee. Should a member cancel, or allow their membership to lapse whilst holding a discounted certificate, the Institute reserves the right to invoice individuals for the difference between the discounted and full (non member) fee.
- The London Institute of Banking & Finance predominantly uses email to communicate with individuals. This includes informing those selected for audit of their CPD records. Individuals are required to ensure that personal details and email address are kept up to date throughout the period they hold the SPS / CPA. Failure to receive our audit request will not be accepted as a reason for non compliance. Consequently the SPS / CPA may be withdrawn if the Institute are unable to make contact. Individuals can amend their details at any time through their personal MyLIBF log in - "my details".
- Application forms (whether online or in paper form), including all declarations, must be completed by the individual who requires the SPS or CPA and never by a third party.
- Formal policies and process documents for SPS / CPA can be viewed on our website. It is recommended that all applicants familiarise themselves with these policies whilst using the Institute SPS / CPA services.
- The London Institute of Banking & Finance provides an online searchable register including the names of individuals holding a current SPS / CPA or our Chartered Designations. SPS holders are unable to opt out of inclusion in this register.
- SPS and CPA certificates expire 12 months after issue. Individuals will receive a renewal invitation approximately one month prior to expiry of their existing certificate. All Accredited Bodies are required to notify the FCA of those individuals who apply to renew an SPS more than 60 calendar days after expiry of an existing certificate. Individuals who renew within 60 days of expiry will have their SPS backdated to the expiry date of their previous certificate. In these cases no late renewal notification will be made to the FCA.
- It is recommended individuals print a copy of their SPS or CPA as no online access to the certificate will be available after its expiry date.
- The London Institute of Banking & Finance reserves the right to withdraw verification and subsequent Statements of Professional Standing (SPS) or Certificates of Professional Achievement (CPA), under its SPS Malpractice Policy, if it is provided with false information in relation to; qualifications, existing Statements of Professional Standing / Certificates of Professional Achievement; a false declaration in relation to compliance with Statements of Principle for Approved Persons ; or continuing professional development (CPD) individuals have undertaken.
- The London Institute of Banking & Finance reserves the right: not to verify CPD submissions in the event that they fail to meet the required FCA and Institute's standards; to notify the FCA (SPS only) and individuals employer / firm / network of the reasons for non verification and consider withdrawal of an SPS or CPA in such circumstances. We will inform the individual by email clearly stating the reason why.
- In the event of the withdrawal of an SPS / CPA individuals will be required to return any hard copy certificates to the Institute and delete electronic copies. The London Institute of Banking & Finance will inform the appropriate regulatory authorities and an individuals' employer / network / firm of the withdrawal.
- Any applicant who wishes to appeal against The London Institute of Banking & Finance’s decision not to validate a CPD submission can do so by following the SPS Appeals Policy found on our website.
- The London Institute of Banking & Finance accepts no responsibility for any loss, disciplinary or legal action or removal of an individuals licence to practise as a result of the use of this service.
- Individuals acknowledge the recognition of The London Institute of Banking & Finance as an accredited body by the FCA with the authority to issue Statements of Professional Standing is governed by, and subject to, the rules, guidance and conditions laid down by the FCA. Whilst The London Institute of Banking & Finance will use its reasonable efforts to notify individuals promptly of any changes made by the FCA to such rules, guidance and conditions from time to time which may directly affect the validation of their Statement of Professional Standing, individuals agree that otherwise the Institute shall have no liability to them in respect of any such change or in respect of any acts or omissions of the FCA from time to time. In particular, The London Institute of Banking & Finance shall not be liable for any direct or indirect loss (including consequential loss and loss of profits), damage or expense suffered by individuals or their employer which may be occasioned by any such change or by any act or omission on the part of the FCA or which may arise as a result of The London Institute of Banking & Finance ceasing any at time to be an accredited body.
- In the event that any claim is made, or any action taken, against The London Institute of Banking & Finance by the FCA as a result of, or occasioned by, any act or omission on the part of an individual they shall fully indemnify The London Institute of Banking & Finance in respect of all losses, damages, penalties and expenses (including legal expenses) suffered by The London Institute of Banking & Finance arising directly or indirectly from such claim.