Designation dispute engulfs Asia
An internationalbattle between controllers of the Certified Financial Planner (CFP) and Chartered Financial Practitioner (ChFP) designations has erupted in the Asia-Pacific region.
The Financial Planning Association of Singapore (FPAS), which awards the CFP certification in that country, has served a writ against the Insurance and Financial Practitioners Association of Singapore (IFPAS), which has started using the ChFP designation.
The dispute mirrors that of theAssociation of Financial Advisers(AFA) and theFinancial Planning Association(FPA) in Australia at the end of 2002, which eventually caused the AFA to back down on its proposal to adopt the ChFP designation.
In a move resembling the Australian situation, the writ by the FPAS alleges the IFPAS is infringing the CFP Board’s registered trademarks due to the similarity and resemblance of the two marks.
The FPAS says this may result in confusion, and has applied to recover damages and stop the IFPAS using the designation.
However, the IFPAS says the suggestion that it is trying to pass off the ChFP program as the CFP is misconceived.
The dispute has also threatened to rope in Malaysia, as it is understood a life underwriters’ association there is threatening a reverse action against the CFP.
The IFPAS awarded its new ChFP certification to the first batch of 210 individuals at the end of last month, with the writ from the FPAS arriving the next day.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025 with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
