Regulatory Alerts2017-11-22
Guidance Note – Statement of Professional Standing (SPS) for Class 2 Financial Services Licenceholders
The Isle of Man Financial Services Authority mandates that Class 2 licenceholders ensure retail investment advice is provided only by individuals holding a valid Statement of Professional Standing issued by an accredited professional body. This requirement, effective from January 2015, necessitates that advisers maintain relevant Level 4 qualifications, engage in continuing professional development, and adhere to ethical standards. The guidance outlines the application process, including fitness and propriety assessments, and lists accredited bodies such as the CFA Society of the UK, CISI, CII, and LIBF.
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