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
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
There has been a 16.3 per cent rise in the wealth of Australian billionaires this year to over $200 billion, UBS finds, as Australian advisers shift their offerings to meet this expansion and service their unique needs.
AZ NGA is looking to triple in size over the next five years as US investment giant Oaktree completes its $240 million investment in the professional services company.
