FSCP backs adviser practicing certificates

Last week, the FSA confirmed all retail investment advisers must hold a Statement of Professional Standing (SPS) if they want to give independent or restricted advice after January 2013. It will provide customers with evidence that the adviser subscribes to a code of ethics and has kept their knowledge up to date. Although the FSA will not require firms to present the SPS to consumers, it says the statement must also include the adviser's individual reference number and confirmation their qualifications have been verified. The FSCP says the ­certificates will reassure existing cust...