The Financial Services Authority has announced that it intends to make the IFP an accredited body.

In the FSA's consultation paper published today, it states that the IFP is one of six organisations who the FSA intend to consult on becoming an accredited body.

If successful the IFP expects to begin issuing statements of professional standing (SPS) from January 2012 to members who choose the IFP as their accredited body and meet the required criteria. Accredited bodies play a key role in raising the standards of advisers by ensuring advisers meet required standards and providing guidance on areas such as CPD.

The IFP applied to become an accredited body in March this year.

Nick Cann, chief executive of the IFP, said: “Another piece of the RDR jigsaw has been slotted into place. The IFP can continue to move forward with the agenda of setting standards within the profession of Financial Planning at this important time.

“All stakeholders of the IFP can continue or start their relationship with us, confident that we can support all the professional needs of the Financial Planning community.”

To become accredited the IFP needed to demonstrate to the FSA that it was acting in the public interest, carrying out effective verification services, providing evidence of this effectiveness and co-operating with the FSA on an ongoing basis.  It also had to show it had appropriate systems and controls in place.

As an accredited body the IFP is now able to issue and recall SPSs, check advisers are holding relevant qualifications and carry out sample checks of advisers’ CPD.

A SPS demonstrates that an adviser has completed the relevant CPD and gap-filling and adhered to ethical standards.

All advisers are required to have an SPS by the end of 2012.

To obtain one, advisers must be Level 4 qualified and have completed all their outstanding gap-fill requirements. The statement is valid for one year, after which the adviser must re-apply.

IFP education director Sue Leech said: “This confirmation is great news for the IFP and its members. We’re already working hard to provide appropriate and accredited CPD opportunities for members, including specific options for gap-fill.

“We’re looking forward to working with members to verify their activities and qualifications and issue statements of professional standing from January 2012 to those who meet the FSA requirements.”