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
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
