Earlier this year, the FSA proposed to accredit the Chartered Insurance Institute, the Institute of Financial Planning, the CFA Society of the UK, the Chartered Institute for Securities and Investment (CISI), the Chartered Institute of Bankers in Scotland and the Institute of Financial Services. Following consultation, the FSA's board has now formally approved them all, according to the latest Handbook Notice, and the CISI has said it will begin accepting applications for SPSs from members from 1 October.
After the retail distribution review (RDR) is implemented, financial advisers will have to obtain an SPS from an accredited body, showing they meet the new qualifications, ethics and continuing professional development standards.
To become an accredit body, the organisations had to be financially sound, cooperate with the FSA on an ongoing basis and have appropriate systems and controls in place, providing evidence to the FSA of continuing effectiveness of verification procedures.
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