CF30 Function as at 31st December 2012

The FSA have recently indicated that they expect all Firms to remove adviser's CF30 permissions if they do not have, or have applied for having passed the relevant examinations, a Statement of Professional Standing.

Therefore, firms should be prepared to submit a Form C to remove appropriate permission at the end of December.

Of course, this will have an impact on Firms which thereafter do not have a CF 30 Function as providers will take the view that no one in the firm can provide ongoing advice and therefore all trail commission payments will cease.

If this effects you, please make contingency plans now. What can be done: recruit a qualified person into your firm. Remember, Advisers can have dual permissions too.

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woulfe's picture

Do you offer the facility to support a firm who do not have a relevant qualified person.
07702 025776

Michael's picture

Dear Michael

I am assuming you are a Financial member. If so speak to Steve Bell as he may be willing to allow another duly qualified (CF30 & SPS holder) member to act as a temporary additional RI to your firm.

You would probably have to pay the other RI for his involvement and risk.

Call me on 01782 379071 if you have any other questions.'s picture

Sorry but you appear to incorrect, please read the FSA AUGUST 2012 RDR UPDATE which clearly states that due to a backlog of application, you have until 60 DAYS AFTER the 31st of December to obtain your SPS.'s picture

I attended a CII presentation this week, that clarified the 60 day rule. This will only apply to SPS applications that have been received on or before 31.12.12, as this allows the PFS,(or other authorising body), time to check the submissions through and ensure the documentary evidence of learning is sufficient to meet the SPS standard.

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