Presentation of the SPS
The FSA/FCA does not propose to introduce a rule requiring Firms or advisers to present the adviser’s SPS to consumers, but advisers will be allowed to do so if they wish. The FSA/FCA believes that doing this will help to develop trust between them and consumers, especially prospective clients. The FSA/FCA will agree the presentation of the SPS with each accredited body based on the content that they set out.
Professional standards are relevant for all retail investment advisers. Firms must ensure that their advisers are competent and maintain their competence, that they hold an appropriate qualification, carry out CPD activity, behave ethically and have a valid SPS.
Pre-competent advisers
The FSA/FCA are not making it a requirement for pre-competent advisers to hold an SPS or to carry out CPD activity which to us seems bizarre. However, they still need to comply with APER, and hold the regulatory module of an appropriate qualification.
New Leaf believe we can deliver the necessary service to enable advisers to trade safely and within the realms of both RDR, and new regulator, the FCA. This will be achieved by delivering quality training in a flexible way to enable all advisers to engage with us and obtain SPS annually without excuse for failure.