The Institute of Financial Planning has announced that it has been formally approved by the Financial Services Authority as an Accredited Body.

This will allow the IFP to issue Statements of Professional Standing (SPS) to members who have completed the relevant RDR qualifications, gap fill and CPD requirements.

SPS will be offered from February 2012 ahead of RDR implementation in January 2013 but members can submit their qualifications and verifications ahead of this date.

All advisers who wish to continue working after the RDR is implemented will need to hold an SPS.

The IFP will make no charges to its members for providing them with a SPS.

Nick Cann, chief executive of the IFP, said: “This is great news for the IFP. It should give all those who see themselves as part of the Financial Planning profession the confidence to approach the organisation now to prepare for their first SPS.”

The IFP is one of six bodies which applied to become an Accredited Body.

The other bodies are the Chartered Insurance Institute, the CFA Society of the UK, the Institute of Financial Services, the Chartered Institute of Bankers in Scotland and the Chartered Institute for Securities and Investment.