FSA reassures advisers on 60 day breathing space for SPS

The Financial Services Authority has sought to calm any concerns advisers may have about getting their statement of professional standing (SPS), reminding them of the 60 day window they have after RDR-implementation.

In its latest RDR newsletter, the regulator embarked on some 'myth busting' around the statements, which will be issued by accredited bodies.

It said: "There has been some concern amongst the industry that advisers may not receive their SPS before 31 December 2012.

"We have allowed some flexibility for the issuing of the annual SPS, in that firms have 60 days from 31 December 2012 to get the independent verification needed."

All advisers will require a statement of professional standing to demonstrate they have the appropriate qualifications and meet the continuing professional development and ethics requirements of RDR.