FPA investigating AAA Shares’ CFP claims
The Financial Planning Association (FPA) is investigating claims made by AAA Shares about its affiliation with the FPA and the Certified Financial Planner (CFP) status of some of its planners.
Dealer groups AAA Shares (now in liquidation) and AAA Financial Intelligence had their licences cancelled by the Australian Securities and Investments Commission last month after a two-year surveillance of the business.
Money Management understands the FPA's legal team is drafting a letter it will send to AAA in regards to a web page which contains claims that the dealer group was a member of the FPA, and that some of its planners had CFP status.
"At AAA Shares our Certified Financial Planners are available to offer you advice regarding your financial matters," the website states.
The page, which has the old FPA logo on it, can only be found through a Google search and is not linked through the AAA Shares website anymore, but it is still online.
FPA chief executive officer Mark Rantall said the association would further investigate the claims and "take appropriate action".
"We are investigating the matter and we take breach of the utilisation of our brand very seriously. We'll make further investigations and take appropriate action," Rantall said.
Rantall added the FPA hopes to find out whether AAA and its planners were ever affiliated with the association.
Money Management reported on Friday that some AAA Financial Intelligence planners might find a new home under the licence of Suncorp-owned dealer group Guardian Advice.
Suncorp's spokesperson confirmed that, while Guardian Advice had not yet signed any AAA planners on, it was definitely in talks with a "number of high quality advisers from the dealer group".
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