CII to scrap adviser 'gap-fill' option in SPS applications

The professional body said the option would be scrapped from the end of August 2021. It stressed the end of the option would not affect advisers who obtain an SPS through the gap-filling route before that time, and included advisers who already have their SPS via this route. Retail investment advisers must have an SPS, issued by a Financial Conduct Authority (FCA) accredited body, in order to practise. The SPS confirms the adviser has the minimum Level 4 qualifications required under the 2013 Retail Distribution Review (RDR). When the RDR came into force the regulator allowed advisers...