SPS/CPA Terms and conditions

SPS/CPA terms and conditions

We are an FCA Accredited Body approved to issue Statements of Professional Standing (SPS) to retail investment advisers (RIAs) and relevant authorised persons retail investment advisers (RAPRIAs) in accordance with conditions set out in the Regulators’ Handbooks. We are also approved to issue SPSs by the Guernsey Financial Services Commission (GFSC) and the Financial Supervision Commission (FSC) in the Isle of Man.

As an Accredited Body the FCA/FSC and GFSC require us to ensure that all advisers using its SPS/CPA services:

  • subscribe to our code of ethics which is consistent with the regulatory body

  • adhere to the FCA Code of Conduct (COCON) or Guernsey/Isle of Man equivalent (SPS only)

  • hold appropriate qualifications including verified gap fill, where necessary

  • pass a CPD sample check (a minimum of 10% of SPS/CPA holders will be called for audit)

  • can be held to account through our disciplinary and misconduct procedures where suspected to be in breach of our, regulatory or general industry rules or requirements.

These terms and conditions set out to ensure we can meet our regulatory commitments and ensure those applying for and holding our SPS are aware of these requirements. We extend these terms and conditions to our Certificate of Professional Achievement (CPA). A CPA is not a form of SPS - if you give retail investment advice you need an SPS not a CPA.

Contact us about your membership

If you have any questions about our membership, please contact our membership team by emailing membership@libf.ac.uk.