Media reports claim that CIFP has filed a lawsuit against FP Canada
The contentious issue of title protection in the financial planning industry is heading to court according to media reports.
The reports claim that the Canadian Institute of Financial Planning (CIFP) has filed an action with the Ontario Superior Court in Toronto against FP Canada, alleging breaches of agreement, violation of the Trademarks Act, and trade libel.
The matter relates to the endorsement of CIFP’s Chartered Financial Planner designation by Ontario's Financial Services Regulatory Authority (FSRA) as a qualified credential for individuals using the Financial Planner title in Ontario.
This led to concern that there may be confusion among consumers between the Certified Financial Planner designation overseen by FP Canada and the Chartered Financial Planner designation of CIFP. The latter is generally displayed in full with CFP commonly used by those holding the FP Canada accreditation.
Wealth Professional has reached out to CIFP and FP Canada for comment and has not been able to independently verify the report.
Updated: CIFP has confirmed the filing of the lawsuit. In a statement to Wealth Professional a spokesperson said: “Now that the matter is before the court, we are unable to provide further comment at this time.”
Further update: A spokesperson for FP Canada told Wealth Professional:
“It is unfortunate that FP Canada became aware of the issuing of a claim and the allegations therein, as a result of a media inquiry. Given the legal proceedings, FP Canada is not in a position to comment publicly on the allegations. FP Canada has engaged legal counsel and intends to defend itself.”
Earlier this year, a report shared insights into the title protection regime in Ontario which aims to shore up consumer trust and maintain standards among those using Financial Planner and Financial Advisor titles.
