I'd not heard of that, nor is there much online at first glance (Google for "fast spectrum fission" yielded 3 hits, 2 space flight related, one fusion related!), do you have any informative links?
Fast spectrum refers to a fast neutron spectrum.  This is in contrast to the slow neutron spectrum used in current commercial reactors.

Here is a link to the Integral Fast Reactor (IFR), maybe the best example of a fast spectrum reactor.
http://www.nuc.berkeley.edu/designs/ifr/anlw.html

Thanks, it sounds similar to the 'fast breeder reactors' that UK was experimenting with a few decades back, am I correct in that?

Certainly promising but why is it there is so little discussion of implementing this technology? I would have thought it could be done commercially now, and with the price of U235 going through the roof and its apparently failsafe operation it should be very economically viable. China is building lots of nuclear powerstations but, as far as I know, the most advanced are planned to use a pebble bed version of standard technology.