Non-FCA jurisdictions

Jersey Review of Financial Advice (RFA)

The Jersey Financial Services Commission (JFSC) has introduced certain aspects of the Retail Distribution Review (RDR) under the Review of Financial Advice. The JFSC's qualifications and gap-fill requirements under the RFA follow the FCA's implementation. A level 4 or above qualification is required. Information on any SPS requirements will be provided as soon as this is finalised by the JFSC. The current requirements for CPD remain in place. Information on the FCA qualifications and gap-fill and RDR requirements can be found on the CISI's RDR webpages.

Although advisers in Jersey cannot apply for an SPS until the requirements from the JFSC are clear, CISI members can apply for a Certificate of RDR Compliant Qualifications.

The Institute has developed a CISI factbook on RFA which sets out the qualifications that are available from the Institute for existing and new advisers.

Certificate of RDR Compliant Qualifications

To apply for a Certificate of RDR Compliant Qualifications, CISI members in Jersey who have completed their qualifications and gap-fill requirements will need to email evidence of their gap-fill to rdr@cisi.org. Advisers who hold non CISI qualifications will need to attach certified evidence of their qualifications. For advisers in Jersey who wish to have their qualifications and gap-fill verified by the CISI, but need to show they were eligible for entry into PCIAM please use the proforma letter which needs to be signed by the firm and sent to the CISI with the gap-fill.

Please note: We have made the decision to withdraw gap-fill as it is no longer appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our FAQs for more information

If you do have any queries please email rdr@cisi.org

 

Guernsey Review of Financial Advice

Professionals based in Guernsey offering financial advice to retail clients are now required to hold a relevant Level 4 qualification.

The educational strand of the GFAS applies to:

  1. Financial advisers of POI licensees advising retail clients on controlled investment products, general securities and general derivatives.
  2. Authorised Insurance Representatives (AIRs) providing advice on long term insurance products excluding pure protection products, permanent health, credit life assurance and any contracts on human life that are renewable annually.

From 1 January 2016, and on an ongoing basis, each Adviser must obtain a Statement of Professional Standing (SPS) from an Accredited Body. As an Accredited Body, the CISI is eligible to issue SPSs to financial advisers in Guernsey.

The CISI has developed a fact book on GFAS which includes detailed information on obtaining an SPS from the CISI.

Statement of Professional Standing (SPS)

The Bailiwick of Guernsey SPS is a certificate that is valid for 12 months and requires renewal every year. SPS applications may take up to two months to process, or longer if there are omissions or gaps in the submission. The CISI SPS will confirm that the CISI has verified that the financial adviser has met the following requirements:

  • Authorised as a Financial Adviser of a firm licensed by the Guernsey Financial Services Commission (GFSC).
  • Achieved an acceptable qualification for Financial Advisers.
  • Completed relevant qualification gap-fill for their qualification (where appropriate).
  • Completed 35 hours appropriate continuing professional development (CPD) on the CISI CPD Scheme.
  • Adhered to the CISI's Code of Conduct.
  • Agreed to the SPS terms and conditions.
  • Is a member of the CISI (excludes Students) or employee of a CISI Corporate Supporter.

Applicants must therefore ensure they have met all of the Bailiwick of Guernsey SPS requirements before applying. All SPS applications must be verified by the Licensee.

Application forms

Guernsey SPS Application Form  

Please print and complete the forms manually and return them with all required accompanying evidence by email to gsyspsapplications@cisi.org or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY.

Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us.

Timescales

Initial SPS applications - The CISI will aim to issue SPSs within two months of receipt of an application as long as all the required information and accompanying evidence has been provided. If information or accompanying evidence has been omitted from the application and the CISI needs to request more information from the adviser, the SPS may take longer to process. Advisers must ensure they meet the SPS requirements before they apply.

Due to the high level of incomplete or inaccurate SPS applications, individuals will now be advised by email that their application is unable to be processed and will be given seven days to supply the missing documentation. Regrettably, if this information is not received by the end of the seventh day, the application will be returned, unprocessed.

SPS renewals - The standard processing timescale for all SPS renewal applications is up to fifteen working days from the date of receipt. If the applicant requires additional specialist areas to be added to their SPS approval, then this application will take an additional ten working days to process. Please note that you can, and are advised, to apply for additions to your specialist areas in advance of renewing your SPS application wherever possible.

Costs

Application Type Price
Member - if paid for at application.  £47


Renewal Type Price
Member – if paid for in advance with a membership subscription.  £21
Member - if paid for at application.  £35

Further information

Qualifications and Gap-fill Adding specialist areas Licensee Verification Certificate of GFAS Compliant Qualifications

Questions?

If you have any questions or concerns about the application process, please email SPSApplications@cisi.org.
If you are unsure whether you hold an RDR compliant qualification, please email rdr@cisi.org.

SPS register for Guernsey

SPS Register for Guernsey 

Isle of Man Retail Distribution Review

The Isle of Man Financial Services Authority (FSA) confirmed its intention to raise professional standards by requesting all retail investment advisers in the Isle of Man to demonstrate compliance with the RDR and obtain a Statement of Professional Standing (SPS) from an Accredited Body by the 1 January 2015. The CISI, as an Accredited Body, is eligible to issue SPSs to retail investment advisers from the Isle of Man.

The CISI IOM SPS is a certificate that is valid for 12 months and requires renewal every year. The Isle of Man Financial Services Authority has produced a Guidance Note to help licenceholders with the IOM SPS process. While the CISI will process all SPS applications as quickly as possible the CISI may take up to a month to process an SPS application, or longer period if there are omissions or gaps in the submission. The CISI SPS will confirm that the CISI has verified that the adviser has met the following requirements:

  • Registered with the FSA as a Financial Adviser
  • Achieved an appropriate qualification
  • Completed relevant qualification gap-fill for their qualification (where appropriate)
  • Completed 35 hours appropriate continuing professional development (CPD) on the CISI CPD Scheme
  • Adhered to the CISI's Code of Conduct
  • Agreed to the SPS Terms and Conditions
  • Be a member of the CISI (excludes Students) or employee of a CISI Corporate Supporter.

The CISI will only accept applications from CISI members (excluding Student members) and employers of Corporate Supporters. Applicants must therefore ensure they have met all of the IOM SPS requirements before applying.

IOM SPS Application Form

Please return the form with all required accompanying evidence by email iomspsapplications@cisi.org or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY. Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us.

Qualifications and Gap-fill

Retail investment advisers must hold a minimum Level 4 qualification. The FSA have stated they will not consider grandfathering for advisers who do not attain the level 4 qualification.

Certificate of RDR Compliant Qualifications

CISI members in Isle of Man who have completed their qualifications and gap-fill requirements of the RDR can apply for a Certificate of RDR Compliant Qualifications by emailing evidence of gap-fill to rdr@cisi.org. Advisers who hold non CISI qualifications will need to attach certified evidence of their qualifications.

For advisers in Isle of Man who wish to have their qualifications and gap-fill verified by the CISI, but need to show they were eligible for entry into PCIAM please use the proforma letter which needs to be signed by the firm and sent to the CISI with the gap-fill. Please note that advisers will typically only need to demonstrate compliance with the qualification and gap-fill requirement for their initial SPS. However, there may be occasions, when adding specialist areas, where CISI will need to see additional information relating to these areas. Please select the Specialist Areas tab for more information regarding adding RDR specialist areas.

Please note: We have made the decision to withdraw gap-fill as it is no longer appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our FAQs for more information

Advisers must apply for an SPS within three months of their CISI CPD year ending, so the CISI can ensure that the CPD undertaken is current and relevant. Only CISI members (excluding students) and employees of Corporate Supporters can apply to the CISI for an SPS. Find out more about Membership.

Adding RDR specialist areas

The CISI can add specialist areas to an adviser's SPS once this has been issued. There are two ways to do this:

  • Adding a specialist area at the SPS renewal - there is a section in the renewal form to add the area and advisers just need to attach evidence of the additional gap fill or qualifications.
  • Adding a specialist area during the current SPS year. Advisers need to email evidence of the additional gap fill or qualifications to rdr@cisi.org asking for this additional area to be added to the SPS. A new SPS will not be issued as the SPS does not outline the specialist areas, however the CISI system will be updated and this will be available to the FSA.

Please note that advisers can, and are advised, to apply for additions to specialist areas in advance of renewing their SPS wherever possible.

Timescales

Initial SPS applications - The CISI will aim to issue SPSs within two months of receipt of an application as long as all the required information and accompanying evidence has been provided. If information or accompanying evidence has been omitted from the application and the CISI needs to request more information from the adviser, the SPS may take longer to process. Advisers must ensure they meet the SPS requirements before they apply.

Due to the high level of incomplete or inaccurate SPS application, individuals now will be advised by email that their application is unable to be processed and will be given three days to supply the missing documentation. Regrettably, if this information is not received by the end of the third day, the application will be returned, unprocessed.

SPS renewals - The standard processing timescale for all SPS applications is up to fifteen working days from the date of receipt. If the applicant requires additional RDR specialist areas to be added to their SPS approval, then this application will take an additional ten working days to process. Please note that you can, and are advised, to apply for additions to your specialist areas in advance of renewing your SPS application wherever possible.

Costs

New applications

Application Type Price
Member – if paid for in advance with a membership subscription.  £36 
Member - if paid for at application.  £47 

Renewal applications

Application Type Price
Member – paying for SPS in advance with a membership subscription. £21
Member - paying for SPS at application. £35

SPS Register

The CISI's IOM SPS register contains all CISI members who have been issued with a Statement of Professional Standing (SPS) for the Isle of Man, by the CISI. It is a requirement for anyone applying for an SPS from the CISI to agree to be placed on the register. Advisers who do not renew their SPS before it expires will be removed from the SPS Register.

SPS Register 

Are you a FINRA member wishing to gain new FCA authorisation?

The Financial Industry Regulatory Authority (FINRA) and the CISI have an Agreement to support FINRA members holding the Series 7 – General Securities Representative Examination – to gain authorisation as Retail Investment Advisers in Securities and/or Derivatives from the Financial Conduct Authority (FCA) in the UK.

To be eligible to provide advice in the UK, new advisers will be required to bridge the gap between the Series 7 award and the Retail Distribution Review (RDR) standards. This is known as gap-fill and can be completed through elearning and qualification gap-fill made available by the CISI, as endorsed by the FCA. You must also pass two examinations, UK Regulation and Professional Integrity and Taxation in the UK for Individuals and Trusts.

Please note: We have made the decision to withdraw gap-fill as it is no longer appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our FAQs for more information

On the completion of the gap-fill and examinations, holders of Series 7 will be able to confirm that they comply with a recognised code of conduct and apply for their annual Statement of Professional Standing (SPS) which is compulsory for UK Retail Advisers to hold (the CISI is a FCA Accredited Professional Body for the purposes of issuing a SPS).

 

Steps to Meet the RDR Standards for FINRA Members

As part of the agreement, FINRA members holding the Series 7 qualification will be offered CISI membership either Associate (ACSI) or full membership (MCSI), where they satisfy qualification and experience criteria. Membership provides advisers access to extensive free continuing professional development (CPD) activities and gap-fill opportunities.

Please note, the joining fee has been waived for FINRA advisers.

To apply please complete the appropriate form and send a copy of your Series 7 certificate and proof of your UK regulatory examination (unless this has been obtained from the CISI).

Gap-fill comprises structured learning and consists of a number of Professional Refresher modules and reading.

Professional Refresher

Professional Refresher is an online learning system which allows self-administered refresher testing on a variety of topics, including the latest regulatory changes. It is a free membership benefit, with over 40 modules available, and hours earned using Professional Refresher are automatically added to members' personal CPD logs. A score of 75% must be achieved for a pass.

The following Professional Refreshers must be passed for all candidates:

  • Commodities & Energy Markets
  • Client Classifications
  • Investment Principles & Risk
  • Insurance
  • Introduction to Derivatives
  • Pensions & Provisions

Candidates advising in Securities must in addition, pass the following Professional Refreshers:

  • Central Clearing
  • Best Execution
  • Financial Promotions

Candidates advising in Derivatives must in addition, pass the following Professional Refreshers:

  • Exchange Traded Funds
Reading

A PDF of relevant extracts from CISI workbooks must be read and this can be obtained by emailing rdr@cisi.org

* An alternative to the ETF Professional Refresher module is to read the following fact sheets and confirm by emailing rdr@cisi.org that you have read them.

ETP Factsheet 
ETF Factsheet 

Once you have completed the gap-fill please update your CPD log to reflect this.

Examinations

The following examinations must be passed:

  • CISI Level 4 (IAD) UK Regulation & Professional Integrity
  • CISI Level 4 (IAD) Investment, Risk & Taxation
  • CISI Level 5 (IAD Unit) Private Client Advice (If advising on retail investment products)

Details of these examinations can be found here.

An application for an SPS implies that you confirm that you have completed the gap-fill, as outlined above.

Application form for initial SPS 

Please return the form with all required accompanying evidence by email spsapplications@cisi.org or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY .

Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us on +44 20 7645 0777 or email spsapplications@cisi.org.

Japan Securities Dealers Association RDR provisions

The Retail Distribution Review (RDR) was launched by the UK Regulator in 2006. The RDR targets the quality of advice available to consumers in the financial services sector. Are you a holder of the Japan Securities Dealers Association Sales Representative Qualification and wish to qualify as a Retail Adviser in Securities and/or Derivatives in the UK?
The Japan Securities Dealers Association (JSDA) and the CISI have an Agreement to support JSDA members holding the JSDA Sales Representative Qualification to gain authorisation as Retail Investment Advisers in Securities and/or Derivatives from the Financial Conduct Authority in the UK. In addition to completing the prescribed gap-fill, JSDA Qualification holders must study and pass two CISI Investment Advice Diploma ("IAD") examinations, namely 'Investment, Risk and Taxation' and 'UK Regulation and Professional Integrity'

Please note: We have made the decision to withdraw gap-fill as it is no longer appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our FAQs for more information

Steps to meet the RDR standards

As part of the agreement, JSDA members holding the appropriate qualification will be offered the Associate(ACSI) grade of CISI membership. CISI Membership provides advisers access to extensive free continuing professional development activities and the required gap-fill.

To apply please complete the appropriate form and send proof that you hold the JSDA Sales Representative Qualification, which can be obtained from the JSDA. Please also provide evidence of the regulatory exam that you hold (this is not necessary for holders of CISI qualifications and is not applicable for new advisers who may not, at this stage have taken the regulatory exam listed below in section 3).

A PDF of relevant extracts from CISI workbooks must be read and this can be obtained by emailing rdr@cisi.org. Existing advisers and new advisers need to do this reading.

In addition to completing the prescribed gap-fill, JSDA Qualification Holders must pass two CISI Investment Advice Diploma ('IAD') examinations, namely 'Investment, Risk and Taxation' and 'UK Regulation and Professional Integrity'. The price of examination and study materials is different depending on where the candidate chooses to complete their studies. Please click here for prices. These prices apply to each of the examinations required by the FCA, namely:

  • CISI Level 4 UK Regulation and Professional Integrity
  • CISI Level 4 Investment, Risk and Taxation
  • CISI Level 5 Private Client Advice (If advising on retail investment products)

An application for an SPS implies that you confirm you have completed the gap-fill, as outlined above, and that you have completed the examinations where necessary.

Application form for initial SPS 

Please return the form with all required accompanying evidence by email spsapplications@cisi.org or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY.

Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us.

Securities Analysts Association of Japan RDR Provisions

The Retail Distribution Review (RDR) was launched by the UK Regulator in 2006. The RDR targets the quality of advice available to consumers in the financial services sector. The Securities Analysts Association of Japan (SAAJ) and the CISI have an Agreement to support SAAJ members holding the CMA Qualification (and individuals who have passed the CMA level 2 examination but are not yet members of SAAJ) to gain authorisation as Retail Investment Advisers in Securities and/or Derivatives from the Financial Conduct Authority in the UK.

SAAJ qualified professionals seeking FCA Authorisation

In addition to completing the prescribed gap-fill, CMA Qualification holders who wish to advise on Securities and/or Derivatives in the UK must study and pass two CISI Investment Advice Diploma (IAD) examinations, namely 'Investment, Risk and Taxation' and 'UK Regulation and Professional Integrity'.

Please note: We have made the decision to withdraw gap-fill as it is no longer appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our FAQs for more information

Steps to meet the RDR standards

As part of the agreement, the CISI will offer the Full Member (MCSI) grade of membership to CMA qualification holders who obtained their CISI membership through the SAAJ, with the option to choose the Associate (ACSI) level if preferred. Membership provides advisers access to extensive free continuing professional development (CPD) activities and the required gap-fill.

To apply please complete the appropriate form and send proof that you hold the CMA Qualification, which can be obtained from the SAAJ. Please also provide evidence of the regulatory exam that you hold (this is not necessary for holders of CISI qualifications and is not applicable for new advisers who may not have taken the regulatory exam listed below in section 3)

Please note, the joining fee is waived.

Gap-fill comprises structured learning and consists of a Professional Refresher module and reading. Professional Refresher is an online learning system which allows self-administered refresher testing on a variety of topics, including the latest regulatory changes. It is a free membership benefit, with over 40 modules available, and hours earned using Professional Refresher are automatically added to members' personal CPD logs. A score of 75% must be achieved for a pass.

The following Professional Refresher module must be passed for advisers in Securities: Central Clearing

The following Professional Refreshers must be passed for advisers in Derivatives: Introduction to Derivatives | Central Clearing | Commodities and Energy Markets

A PDF of relevant extracts from CISI workbooks must be read and this can be obtained by emailing rdr@cisi.org. Existing advisers and new advisers need to do this reading.

In addition to completing the prescribed gap fill, CMA Qualification Holders must pass two CISI Investment Advice Diploma ('IAD') examinations, namely 'Investment, Risk and Taxation' and 'UK Regulation and Professional Integrity'. The price of examination and study materials is different depending on where the candidate chooses to complete their studies. Please click here for prices. These prices apply to each of the examinations required by the FCA, namely:

  • CISI Level 4 UK Regulation and Professional Integrity
  • CISI Level 4 Investment, Risk and Taxation
  • CISI Level 5 Private Client Advice (If advising on retail investment products)

An application for an SPS implies that you confirm you have completed the gap-fill, as outlined above, and that you have completed the examinations where necessary.

Application form for initial SPS 

Please return the form with all required accompanying evidence by email spsapplications@cisi.org or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY.

Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us.

Are you a holder of the Certified International Investment Analyst CIIA Qualification wishing to gain FCA authorisation?

he Association of Certified International Investment Analysts and the CISI have an Agreement to support holders of the CIIA Qualification to gain authorisation as Retail Investment Advisers in Securities and/or Derivatives from the Financial Conduct Authority (FCA) in the UK.

The UK Financial Conduct Authority has agreed that the CIIA Qualification fully meets the current examination standards for Securities and Derivatives. No further examinations or 'gap fill' are necessary for CIIA Qualification holders in respect of Securities or Derivatives. In order to become eligible to apply for FCA Authorisation as Retail Advisers in Securities/Derivatives, CIIA Qualification holders must pass two CISI Investment Advice Diploma 'IAD' units which provide the foundation for UK Retail Financial Advice, namely 'Investment, Risk and Taxation' and 'UK Regulation and Professional Integrity'.

Please note: We have made the decision to withdraw gap-fill as it is no longer appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our FAQs for more information

Steps to Meet the RDR Standards for ACIIA Members

As part of the agreement, holders of the CIIA Qualification will be offered CISI membership at either Associate (ACSI) or full membership (MCSI) level, where they satisfy qualification and experience criteria. Membership provides advisers access to extensive free continuing professional development activities.

Please note, the joining fee has been waived.

Prior to joining the Institute, or within the first three months of association with the CISI, all new members (excluding Student members) are required to complete the CISI IntegrityMatters online workshop and pass the associated online test.

The following examinations must be passed:

  • CISI Level 4 IAD unit UK Regulation and Professional Integrity
  • CISI Level 4 IAD unit Investment Risk and Taxation
  • CISI Level 5 IAD unit Private Client Advice (only necessary if advising on retail investment products)

An application for an SPS implies that you confirm that you have completed the gap-fill, as outlined above.

Application form for initial SPS 

Please return the form with all required accompanying evidence by email spsapplications@cisi.org or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY.

Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us on +44 20 7645 0777 or email spsapplications@cisi.org

Deutsche Boerse Group Capital Markets Academy

The Deutsche Boerse Group Capital Markets Academy and the CISI have an Agreement to support Certified Derivatives Traders who have passed the Deutsche Boerse "Trading Derivatives" Certificate Programme and Certified Securities Traders who have passed the Deutsche Boerse "Cash" or "Kassenmarkt" examination to gain authorisation as Retail Investment Advisers in Securities and/or Derivatives from the Financial Conduct Authority (FCA) in the UK.

To be eligible to provide advice in the UK, advisers will be required to bridge the gap between the Deutsche Boerse certificates listed above and the Retail Distribution Review (RDR) standards. Advisers must pass two examinations, UK Regulation and Professional Integrity and Investment Risk & Taxation. Certified Derivatives Traders and Certified Securities Traders seeking to become authorised for the activity of Dealing and Advising on Securities also need to carry out gap-fill reading. Gap-fill reading is not necessary for Certified Derivatives Traders seeking to become authorised for the activity of Dealing and Advising on Derivatives. On completion of the examinations and gap-fill reading (where appropriate), advisers will be able to confirm that they comply with a recognised code of conduct and apply for their annual Statement of Professional Standing (SPS) which is compulsory for Retail advisers to hold (the CISI is an FCA Accredited Professional Body for the purposes of issuing an SPS).

Please note: We have made the decision to withdraw gap-fill as it is no longer appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our FAQs for more information

Steps to Meet the RDR Standards

As part of the agreement, holders of the relevant Deutsche Boerse certificte will be offered CISI membership either Associate (ACSI) or full membership (MCSI) where they satisfy qualification and experience criteria. Membership provides advisers access to extensive free continuing professional development activities.

Full details are available here. Please note, the joining fee has been waived.

A PDF of the relevant readings for Certified Derivatives Traders and Certified Securities Traders seeing to become authorised for the activity of Dealing and Advising on Securities can be obtained by emailingrdr@cisi.org. When you complete the reading please email rdr@cisi.org to confirm this.

Prior to joining the Institute, or within the first three months of association with the CISI, all new members (excluding Student members) are required to complete the CISI IntegrityMatters online workshop and pass the associated online test.

The following examinations must be passed:

  • CISI Level 4 IAD unit UK Regulation and Professional Integrity
  • CISI Level 4 IAD unit Investment Risk and Taxation
  • CISI Level 5 IAD unit Private Client Advice (only necessary if advising on retail investment products)

An application for an SPS implies that you confirm that you have completed the gap-fill, as outlined above.

Application form for initial SPS 

Please return the form with all required accompanying evidence by email spsapplications@cisi.org or post to SPS Applications Department, Chartered Institute for Securities & Investment, 20 Fenchurch Street, London EC3M 3BY.

Applicants will receive notification via email when the CISI has received the application form. If you have sent your form to the CISI and you have not received email confirmation of receipt within five working days please contact us on +44 20 7645 0777 or email spsapplications@cisi.org

International Advisers

International advisers whose firm believes they qualify under FCA rule TC 2.1.9 can take the CISI's Level 4 UK Regulation and Professional Integrity exam.

The CISI's Statement of Professional Standing application process is available here.