Accredited bodies given go-ahead to issue adviser SPSs

The Financial Services Authority (FSA) has formally accredited six professional bodies, meaning they can begin issuing Statements of Professional Standing (SPS), a mandatory form of practicing certificate for advisers.

Earlier this year, it 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.

Following feedback received by the FSA, the Institute of Financial Services has been changed to The ifs School of Finance, the organisation it is part of.

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.

Simon Culhane, chief executive of CISI, said: "Issuing SPSs marks an important milestone in the efforts being made by all stakeholders to demonstrate high standards of professionalism in a sector still needing to win the trust of the investing public."

To become an accredit body, the organisations had to show they would act in the public interest and further development of the profession and carrying out effective independent verification services.

They also had to be financially sound, cooperate with the FSA on an ongoing basis and have appropriate systems and controls in place and providing evidence to the FSA of continuing effectiveness of verification procedures.