The Chartered Banker Institute is withdrawing from issuing Statements of Professional Standing (SPS) and will not be issuing these from January 2025 onwards. 

As retail investment advice continues to evolve at pace, it is important to us that members holding an SPS are suitably supported to enhance and develop their knowledge and skills. Developments in the key products and services that they offer to their clients no longer share much common ground with the core products in retail banking. We have therefore come to the difficult decision that their ongoing needs, and those of their clients, will be better met by one of the remaining Accredited Bodies.

Having discussed our decision with the Financial Conduct Authority (FCA), we have agreed with them that we will formally cease issuing SPSs from 31st December 2024.

We appreciate that our PFA members will wish to consider their options and to help them in their decision-making, we have prepared a suite of resources, including guidance and FAQs, delivered through dedicated pages on our website accessible to these members.

If you are an existing Professional Financial Adviser (PFA) holding your current SPS with the Institute, we will email you with guidance on your transfer options. As an existing member with PFA status, you will have the option to renew with us if your SPS is due to expire on or before 31st December 2024. 

As a result of our decision, we are no longer accepting new requests from advisers seeking an initial SPS or to transfer from another Accredited Body. 

Those with expiry dates prior to 31st December 2024 and wishing to renew their Statement of Professional Standing (SPS) with us must:

  • comply with the FCA’s Code of Conduct (COCON) or, if an Appointed Representative, the FCA's Statements of Principle and Code of Practice for Approved Persons [APER]
  • provide confirmation of your fit and proper status from your employer (for those under the Certification Regime) or hold an individual FCA registration number and active status,
  • follow our Code of Professional Conduct,
  • undertake a minimum of 35 hours CPD each year, 21 of which needs to be structured, and maintain a full record throughout the year.

Information about making the most of your membership to comply with these requirements can be found in our SPS Guide. 

Those with member of our Institute and holding an SPS will continue to be authorised to use the Professional Financial Adviser title, PFA designation and display the logo.

Find out more on the benefits of Membership.

Recording your CPD activity

Specific rules apply to CPD activity associated with retaining an SPS. We encourage our PFA members to use our bespoke CPD portal.