The Chartered Institute for Securities & Investment (CISI) is pleased to welcome the Isle of Man Financial Supervision Commission announcement of CISI’s agreement to be an accredited body issuing Statements of Professional Standing (“SPS”).

This means that CISI will be one of the recognised professional bodies which is authorised to issue SPSs to financial advisers who provide financial advice to retail clients on the Island.

From 1 January 2015 no Isle of Man financial adviser will be allowed to advise retail clients unless they hold a current SPS. To qualify for an SPS an adviser is required to hold a relevant qualification and demonstrate that they have undertaken at least 35 hours of Continuing Professional Development (CPD) in the previous year.

The CISI has begun accepting applications from 1 August 2014. Details on the criteria to apply and the SPS application form can be found on the CISI website at cisi.org/imrdr.

Ruth Martin, CISI Managing Director, said: “We are delighted to support CISI members on the Isle of Man through participating fully in the initiative from the Regulator to introduce Statements of Professional Standing and further demonstrating a commitment to the highest standards of professional excellence.”

The CISI has 300 members in its Isle of Man branch and organises regular CPD networking events and workshops throughout the year. The Isle of Man branch CISI annual dinner is being held this year on 24 October at the Mount Murray Hotel and Country Club.