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01 Jan 2011

CFA UK to issue Statements of Professional Standing (SPS) in 2012

Starting in 2012, CFA UK, one of six FSA Accredited Bodies, will provide Statements of Professional Standing (SPS) to members who advise retail clients and are affected by the Retail Distribution Review (RDR). SPS are required for all retail advisors to continue advising from 1 January 2013.

A number of conditions must be met before we will issue a statement.

  • You must hold the correct RDR-approved qualifications
  • You must adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct and remain a member ‘in good standing’ as a practitioner
  • You must have a fully paid-up, active membership of CFA UK
  • You must have an active CF30 registration
  • You must have completed a minimum of 35 hours of CPD in the previous 12 months. (*This requirement applies for advice from 2014 with CPD completed during 2013. Members are not required to provide us with evidence of logged CPD to receive a statement in 2012).

Activity in 2012

  • In summer 2012, CFA UK will launch a new CPD logging tool to allow members to record their CPD for RDR or other purposes.
  • From June 2012, we will seek information from each member as to whether or not they want an SPS. If you do want a statement, you will be asked to print off, sign, scan and send back a Disclosure Consent Form.
  • By the end of October 2012, all member seeking an SPS from the society will be asked to confirm that they have disclosed all relevant information relating to the SPS. The record completion deadline will be 31 October.
  • CFA UK will review applications and details in October and November. At least 10% of all SPS applications are audited each year.
  • CFA UK will post SPS to all eligible members in December 2012 and these will be valid for 12 months from 1 January 2013.

More information and details in relation to qualifications are already featured on our website. Details of how SPS will be processed and issued will be summarised on our website early in 2012 in good time for members to apply for SPS in April.

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The CFA Society of the UK (CFA UK) serves society’s best interests through the provision of education and training, the promotion of high professional and ethical standards and by informing policy-makers and the public about the investment profession.

The society supports the CFA Program®® and is the awarding body for the Investment Management Certificate (IMC), the UK’s leading entry level qualification for investment professionals. The society also supports the ASIP designation that was awarded to those passing the Associate examinations of the IIMR.

Founded in 1955, CFA UK represents the interests of roughly 10,000 investment professionals. CFA UK is part of the worldwide network of member societies of CFA Institute (the global, not-for-profit association of investment professionals that sets the standard for professional excellence and credentials, and awards the CFA and CIPM designations) and is the largest society outside North America.

CFA UK members work across the investment profession. While the most common roles for members are portfolio manager and research analyst, members occupy a wide variety of positions and work for many different types of firm. Similarly, the society's portfolio manager and research analyst members cover the entire range of asset classes and specialisms. Their common characteristic is a determination to practice and uphold the highest level of professional and ethical standards.

The society was founded in 1955 as the Society of Investment Analysts. At its inception, there were six founding members. Membership had grown to 180 within a year (despite a restriction on the number of members per firm) and had increased to 500 within five years. By the time of the society's first name change - to the Institute of Investment management & Research (IIMR) - in 1992, the society had just less than 3,000 members. As at May 2012, the society had more than 10,000 members.

Throughout its early years, the society built close links with analyst societies in Europe and North America and was instrumental in developing formal training for analysts and investment managers. The society's Associate examinations were introduced in 1979 (complementing the diploma examination that had been established earlier) and the Investment Management Certificate (IMC) was launched as the benchmark examination for investment management in April 1994.

The IIMR and the London Society of Investment Professionals (LSIP) merged in August 2000. LSIP had been founded several years earlier as the member society for CFA Institute members in the UK. The merged society was initially named the UK Society of Investment Professionals, but was renamed CFA Society of the UK in November 2007.