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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’s contribution to the UK investment profession has been impressive. From its founding purpose of bringing together investment analysts with company management and improving the quality of analysis, through its advisory work on regulation and accounting standards and by means of its development of qualifications to test and certify competence, the society has consistently aimed to build a better investment profession.

The society’s Council (and then Board) has also been occupied by more mundane matters such as finding event venues, determining membership dues and the society’s tax status. Making the society’s magazine pay its way has been a concern since its launch in 1961 – with no satisfactory answer ever found by more than 50 years of Boards – and it has been humbling to realize that almost every idea that the society has had in the past decade has either already been acted on or rejected at some point.

International cooperation remains a priority for CFA UK, though the direction of that work has changed somewhat from a European approach (through EFFAS) to a global approach (through CFA Institute). The strong foundation provided by CFA UK’s status as a leading member society of CFA Institute is a significant asset. A review of the past 60 years of Board minutes reveals the extent to which reorganizations (or considerations of mergers) have made it difficult for Boards to maintain their mission focus throughout those episodes.

The last decade has seen the society allocate increased resources to supporting professionalism in investment. There has been renewed close engagement with the regulator, standard-setters and policy-makers. The society has helped CFA Institute to promote a growing range of qualifications and codes to employers. New CPD and ethics support platforms have been launched.  These actions, in concert with continued increases in the numbers of CFA Program candidates, have seen the society’s membership grow from just under 5,000 to more than 11,000. Meanwhile, the society’s reserves have increased from £1.3m to £3.6m on the back of membership growth and the continued success of the IMC.

All of this has been achieved through the combined contributions of volunteers – most obviously through the efforts of more than 150 directors of the society who have served more than an aggregated 900 years. I am proud to have the opportunity to serve and support the society’s Board, committees and membership and am confident that my nine predecessors would say the same.

Will Goodhart
Chief Executive, CFA UK