Julie Hepworth, group regulatory manager at Perspective Financial Group, reveals the perils of not having a Statement of Professional Standing (SPS) before the Retail Distribution Review (RDR) deadline hits.
Remember when 1 January 2013 seemed a long way off? The regulatory deadline now stands less than four months away. The implications for those advisers who will not have attained their SPS by this rapidly approaching cut-off point are three-fold. Firstly – and perhaps most obviously – they will not be authorised to provide advice and therefore they will not be able to do their job. Secondly, it unintentionally disadvantages clients of such advisers. And thirdly, it gets firms with SPS-less advisers off to a poor start in their relationship with the incoming Financial Conduct Authori...
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