Urgency
It is key critical to understand that advisers must obtain their first SPS from the 1st of January 2013. We therefore recommend that each advisor becomes a member of an accredited body by October 2012 at the latest. Fees to the accredited body will be payable on a rolling 12 month basis from the date they obtain their first SPS.
The FSA says when the RDR comes into force in January 2013, it will start collecting information about individual advisers, such as the qualifications they hold and which accredited body they use for their SPS.
FSA director of conduct policy Sheila Nicoll says:
“Rebuilding trust between customer and adviser is absolutely vital for the future prosperity of the retail investment market.In conjunction with the adviser charging rules announced earlier last year, this policy statement gives advisers the certainty they need to plan ahead for the RDR, whether that involves establishing a new business model based on adviser charging, working towards new qualifications, or filling gaps with CPD. Now is the time to prepare. When advisers open for business in January 2013, a statement of professional standing will be a vital indicator for customers that the person they are dealing with is subscribing to a code of ethics, has up-to-date knowledge and is appropriately qualified.”