Financial planning groups and consumer advocates say the title framework is undermining consumer protection
. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know. For more from Globe Advisor , visit ourIn a statement released Thursday, the group asks the Financial Services Regulatory Authority of Ontario to reverse its decision to approve the chartered financial planner designation as a qualifying credential for the “financial planner” title under Ontario’s regime.
The coalition says the name chartered financial planner is “virtually identical” to the certified financial planner , an internationally recognized designation with around 9,000 holders in Ontario. The chartered financial planner designation, held by a few hundred people, “indirectly benefits from CFP’s brand recognition among consumers and will cause them confusion,” the statement says.
FP Canada, which oversees the CFP designation in Canada, made a similar case in a statement last week, expressing disappointment with FSRA’s decision. “The framework gives us choice. The decision was made to go with a framework where the standard does not sit with designations,” Mr. Costello says. In total, FSRA has approved five credentialing bodies and 14 designations for the “financial advisor” and “financial planner” titles. In addition to the chartered financial planner designation, the CIFP offers the registered retirement consultant designation for financial planners, as well as the registered financial and retirement advisor and registered retirement analyst designations for financial advisors.Mr.
“When FSRA looked at all the designations that were out there, their whole point was they wanted it to be clear with no overlap and confusion in the marketplace,” she says. “To have another designation that uses the same letters, CFP, it presents too much confusion for the public. It doesn’t matter that they’re all going to be swallowed as part of the framework.”
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