SPS/CPA terms and conditions
We are an FCA Accredited Body approved to issue Statements of Professional Standing (SPS) to retail investment advisers (RIAs) and relevant authorised persons retail investment advisers (RAPRIAs) in accordance with conditions set out in the Regulators’ Handbooks. We are also approved to issue SPSs by the Guernsey Financial Services Commission (GFSC) and the Financial Supervision Commission (FSC) in the Isle of Man.
As an Accredited Body the FCA/FSC and GFSC require us to ensure that all advisers using its SPS/CPA services:
subscribe to our code of ethics which is consistent with the regulatory body
adhere to the FCA Code of Conduct (COCON) or Guernsey/Isle of Man equivalent (SPS only)
hold appropriate qualifications including verified gap fill, where necessary
pass a CPD sample check (a minimum of 10% of SPS/CPA holders will be called for audit)
can be held to account through our disciplinary and misconduct procedures where suspected to be in breach of our, regulatory or general industry rules or requirements.
These terms and conditions set out to ensure we can meet our regulatory commitments and ensure those applying for and holding our SPS are aware of these requirements. We extend these terms and conditions to our Certificate of Professional Achievement (CPA). A CPA is not a form of SPS - if you give retail investment advice you need an SPS not a CPA.
Applications and all declarations for an SPS/CPA must be completed by you (the named on the SPS/CPA) and never by a third party.
You are responsible for ensuring the accuracy of information contained in your SPS/CPA application. This includes reviewing and editing your details, where needed. Where applications are made through our secure portal we prepopulate the application with the information we already know about you.
You are required to confirm (tick) all declarations to complete your application. Should you be unable to do this please contact us on 01227 818609.
Applications will only be processed where full payment of the appropriate fee has been received. The fee is collected as part of the online application. Refunds are only be made if requested within 10 working days of issue of your SPS/CPA Certificate. Where fees are refunded the SPS/CPA will no longer be valid.
Our members are given a discount on the SPS/CPA application fee. Should a member cancel, or allow their membership to lapse, whilst holding a discounted certificate, we reserve the right to charge the difference between the discounted and full (non member) fee. If membership is due to expire within a month of the SPS application, members will be invited to renew membership at the time of the SPS/CPA application. No discount will be applied if membership is not renewed upon this request.
Online applications may take up to five working days to process. Paper application forms take up to 10 days.
The related Policy for an SPS/CPA can be viewed on our website including:
How to complain if we fail to meet your expectations.
How to appeal our decisions. For example, should we decide not to issue an SPS or sign off your CPD records.
How we decide if investigations/actions/penalties are required as a result of malpractice (wrong doing) by applicants or those who hold/have held our SPS/CPA services.
We reserve the right to use the information in your application and/or on the regulators' registers to enquire of your status with other Professional/Accredited Bodies; the FCA/FSC/GFSC; current/previous employers or your network.
We do this to verify:
your qualifications
any Gap Fill has been completed
a previous SPS, or
enquire whether you have been subject to any disciplinary outcomes and any ongoing investigations.
We can do this during the SPS/CPA application process or at any time whilst you currently have an SPS/CPA or have used these services in the past.
The FCA requires Accredited Bodies to share information which may be relevant to its decisions in issuing or cancelling of an SPS. Therefore, on request, we reserve the right to share your information with other Accredited Bodies or the FCA without us having to ask you for specific permission.
Your name will be added to an online register which includes those who hold a current SPS/CPA or one of our Chartered Designations. SPS holders cannot opt out of inclusion in this register. Employers and the public can check this register to ensure an SPS/CPA, which appears to have been issued by us, is valid and current.
We predominantly use email to communicate with you. This includes informing those selected for audit of their CPD records.
You are required to ensure that personal details and email addresses are kept up to date throughout the period you hold the SPS/CPA. Failure to receive an audit or information request will not be accepted as a reason for non compliance.
Your contact details should be kept up to date through your MyLIBF account log in – under the "my details" section.
Your SPS/CPA may be withdrawn/cancelled if we are unable to make contact with you.
SPS and CPA certificates are valid for 12 months. Expiry dates are clearly displayed on the Certificate.
You will receive a renewal invitation one month prior to expiry of your existing certificate.
Your renewal application will pre-populate the information we already know about you. You must amend any incorrect information. You will need to pay the fee each time you renew your SPS/CPA certificate.
We are required to notify the FCA when retail investment advisers (RIAs) apply to renew an SPS more than 60 calendar days after expiry of an existing certificate. If you renew within 60 days of expiry, your SPS is backdated to the expiry date of your previous certificate and not referred to the FCA. Following the extension of the Senior Managers Regime your firm may impose different requirements for the timely renewal of your SPS.
SPS/CPA certificates are made available in PDF form within your 'myLIBF' account.
We recommend you print/save a copy of your SPS or CPA before expiry. No access to the certificate will be available after its expiry date.
If you need us to provide a hard copy of your certificate the request can be made as part of your application. We make an additional charge for hard copies which is displayed at time of application.
If you wish to change your SPS for a CPA certificate or vice versa, you can do so free of charge if the request is within 3 months of the original application. The new certificate will be valid for the remainder of the 12 months from original issue. Changes made outside of this period will require a new application for a full 12 month period and the full year’s fee.
We reserve the right to withdraw verification and subsequent Statements of Professional Standing (SPS) or Certificates of Professional Achievement (CPA), under our SPS Malpractice Policy (misconduct). Typical examples of malpractice/misconduct involve us being provided with:
False information/documentation in relation to: qualifications, existing Statements of Professional Standing and/or Certificates of Professional Achievement.
False declarations in relation to compliance with Statements of Principle for Approved Persons/Code of Conduct.
False or non-submission of continuing professional development (CPD) records.
A request to investigate at the request of the FCA.
Information which affects our ability to confirm adherence to our code of ethics or the FCA's APER/COCON conditions. This includes putting the onus on applicants to tell us about convictions for breaking the law (not minor motoring offences) or discipline procedures undertaken by the authorities or other professional bodies which might call into question your professionalism or ethical standing.
Information regarding unethical practices received from any source.
This list is not exhaustive.
If, after due consideration by the SPS/CPD Committee, it is considered malpractice/misconduct has taken place the following are typical actions/penalties or sanctions which may be applied:
referral of the case to your firm and/or FCA (SPS holders only)
withdrawal of the SPS/CPA and/or LIBF membership
disqualification from reapplying from applying for any future LIBF service or qualification, either for a stated period of time or indefinitely.
This list is not exhaustive.
We reserve the right:
not to verify your CPD submission in the event that it fails to meet the required FCA or our audit standards
to notify the FCA (SPS only) and individuals employer/firm/network of the reasons for non-verification and consider withdrawal of an SPS or CPA in such circumstances.
We will inform you of any such decision by email, clearly stating the reason why. You only need to submit your CPD records to us when we specifically ask for them.
In the event of the withdrawal of an SPS/CPA you are required to return any hard copy certificates to us and delete electronic copies. We will inform the appropriate regulatory authorities and an individual's employer/network/firm of the withdrawal.
No refund of the application fee will be made where an SPS/CPA has been withdrawn as a result of:
our Malpractice procedures
notification of withdrawal/cancellation from the FCA, or
if you wish to cancel your SPS more than 10 days after issue.
Applicants who wish to appeal against our decision not to validate a CPD submission should follow the SPS Appeals Policy.
SPS for use in the Isle of Man are issued with the permission of The Financial Services Commission (FSC).
SPS for use in Guernsey are issued with the permission of the Guernsey Financial Services Commission (GFSC).
These terms and conditions apply to all SPS/CPA applicants.
Whilst very similar, the FSC and GFSC requirements may vary from those of the FCA. Advisers operating on the Isle of Man or Balliwick of Guernsey are advised to familiarise themselves with the FSC or GSFC requirements in detail rather than relying solely on the information contained within these terms and conditions.
We accept no responsibility for any loss, disciplinary or legal action or removal of an individuals licence to practise as a result of the use of this service.
You acknowledge the recognition of LIBF part of Walbrook Institute London as an Accredited Body by the FCA with the authority to issue Statements of Professional Standing is governed by, and subject to, the rules, guidance and conditions laid down by the FCA. Whilst we use reasonable efforts to notify individuals promptly of any changes made by the FCA to such rules, guidance and conditions from time to time which may directly affect the validation of their Statement of Professional Standing, individuals agree that otherwise LIBF part of Walbrook Institute London shall have no liability to them in respect of any such change or in respect of any acts or omissions of the FCA from time to time. In particular, we shall not be liable for any direct or indirect loss (including consequential loss and loss of profits), damage or expense suffered by individuals or their employer which may be occasioned by any such change or by any act or omission on the part of the FCA or which may arise as a result of LIBF part of Walbrook Institute London ceasing at any time to be an Accredited Body.
In the event that any claim is made, or any action taken, against us by the FCA as a result of, or occasioned by, any act or omission on the part of an individual they shall fully indemnify us in respect of all losses, damages, penalties and LIBF part of Walbrook Institute London arising directly or indirectly from such claim.
Questions about our membership?
If you have any questions about LIBF membership, please contact our customer services team.
Our professional qualification customer services office is open:
Monday to Friday from 8.00am to 6.00pm UK time.
