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Bank charges: FSA sets out new standards for investment advisors

The Financial Services Authority (FSA) has confirmed its new professional standards for investment advisors, which will come into effect in 2013.

From January 2013, people working within these positions will have to hold a Statement of Professional Standing (SPS) if they want to give independent or restricted advice.

The SPS will be issued by the FSA and will only be granted if the applicant meets the specific criteria set out.

Sheila Nicoll, the FSA's director of conduct policy, said: "Rebuilding trust between customer and adviser is absolutely vital for the future prosperity of the retail investment market.

"A Statement of Professional Standing will be a vital indicator for customers that the person they are dealing with is subscribing to a code of ethics, has up-to-date knowledge, and is appropriately qualified."

In a bid to prepare for the 2013 change, the first of the Professionalism rules will come into force in July 2011.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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