Advisers must pay to renew SPS each year

Under plans in the latest RDR paper, advisers will need to obtain an SPS from an FSA-accredited body in order to continue practicing. Although not stated in the paper, the FSA's Katharine Leaman says advisers will have to renew their SPS every year. The FSA estimates the cost to advisers of obtaining an SPS from an accredited body will vary, but could be as much as £175 per adviser. It will depend, the FSA says, on how much it costs professional bodies to meet its criteria to become accredited, costs it may then levy on advisers by charging to supply SPS certificates. But the FS...