Frequently Asked Questions

An SPS is a document that the FCA requires professional retail investment advisers to hold in order to practise. It confirms that an adviser has:

• completed an appropriate RDR compliant retail financial advice qualification such as the Diploma for Financial Advisers (DipFA®);
• followed an annual ongoing programme of CPD;
• behaved in an ethical manner; and
• adhered to the regulators fit and proper standards together with our code of ethics.

An SPS is required by retail Investment advisers.

If you have achieved the above requirements, but are not giving retail investment advice, you may wish to consider applying for our Certificate of Professional Achievement (CPA). 

In order to have an appropriate qualification for giving financial advice, advisers who passed an FCA approved 'transitional' qualification prior to the final RDR exam standards being set in 2010, were required to fill any knowledge gaps between their qualification and the final FCA exam standards.

These gaps were filled by undertaking 'top up' CPD.

This applied only to those who registered for our Level 4 DipFA® with a study session start date of April 2010 or earlier and to advisers who undertook other transitional qualifications like our Associateship award.

No. We do not make membership a requirement of applying for an SPS/CPA.

No. You are not required to hold an SPS unless you are giving financial advice.

“Practising” Advisers are considered those who are:

• registered with the FCA as CF30 status
• approved by the Financial Supervision Commission (FSC) - Isle of Man or Guernsey Financial Services Commission (GFSC)
• Meeting their firms fit & proper requirements under the Senior Managers Certification Regime (SMCR)
• Achieving CAS Status
• Actively giving investment, tax, trusts or pension advice to retail investment clients

No. You do not require an SPS. You may wish to consider our Certificate of Professional Achievement (CPA) instead.

Individuals who are not FCA / FSC / GFSC practicing advisers wishing to formally demonstrate the achievement of qualifications, their ethical stance and commitment to on-going CPD, can apply for our Certificate of Professional Achievement (CPA). Practicing advisers must hold an SPS rather than a CPA.

UK SPS and CPA applications can be made via our online portal. If required, you can download and complete:

• UK paper SPS application form
• Isle of Man SPS paper application form
• Guernsey paper SPS application form
• CPA paper application form

No. It is not possible for us to renew your SPS over the telephone as you are required to electronically sign declarations confirming that you have:

• completed the relevant CPD
• complied with the FCA’s Statements of Principle for Approved Persons (APER) or Code of Conduct (COCON) - (or Isle of Man or Bailiwick of Guernsey equivalent)
• agree to abide by our Code of Ethics
• accept the Terms and Conditions

You will need to tick all declarations to be able to apply for an SPS online.

If you have recently become a financial adviser or have taken time out of the role and now returned, you will not have been under any regulatory requirement to carry out CPD in the last 12 months or be held accountable under the FCA APER or COCON requirements. 

However, you can confidently tick these declarations as it’s likely you will have studied or taken an induction course with a new employer that will have required study, testing of product knowledge and probably personal background checks.  This would be considered sufficient to meet the CPD / APER requirements of a new or returning adviser.

If you do not wish to complete the declarations you will be unable to complete the online application.  You may wish to use the paper application form with a note on the form as to why you feel unable to complete the declarations.

Yes, we offer Statements of Professional Standing to eligible advisers delivering retail investment advice on the Isle of Man (IOMSPS).

Please download a paper form. Please note this is a PDF form and will open in a new window.

Yes, we offer Statements of Professional Standing to eligible financial advisers in the Bailiwick of Guernsey (GsySPS).

Please download a paper form. Please note, this is a PDF document and will open in a new window.

Your SPS will be valid for a period of 12 months. Upon expiry you will be required to obtain another SPS if you intend to continue giving retail investment advice

Yes, we will send you a renewal reminder around one month prior to expiry of your current certificate. In addition, your renewal date is on the front page of your MyLIBF account and for members, in your myCPD log.

SPS renewal applications can be made via our online portal. If required a paper application form is available.

If you already hold an SPS you will be invited to make your renewal around one month prior to expiry of your current certificate.

No, we don't require you to submit your CPD record when you apply for an SPS/CPA. Only those selected for post-application CPD auditing need to submit their CPD record.