In April, the CIFP filed its claim<\/a>, alleging breach of agreement, depreciation of goodwill and discrediting its business and services in violation of the Trademarks Act, and trade libel.<\/p>\nThe claim stated that the CIFP had granted the Chartered Financial Planner designation since \u201cat least as early as 1979\u201d and previously used CFP as an abbreviation.<\/p>\n
FP Canada began overseeing the CFP credential in Canada in 1995 (the certification body was then the Financial Planning Standards Council).<\/p>\n
According to the claim, as part of an agreement in 1996 with FP Canada, the CIFP joined FP Canada and assigned its “rights in CFP” to the credential’s owner (then the Certified Financial Planner Board of Standards).<\/p>\n
The CIFP doesn\u2019t abbreviate the Chartered Financial Planner.<\/p>\n
The CIFP also agreed not to grant the Chartered Financial Planner credential to any future student, so long as the CIFP remained a member of FP Canada, according to the claim. But the CIFP stopped being a member \u201csome time ago,\u201d it said.<\/p>\n
“FP Canada has agreed, pursuant to the 1996 agreement, that it will not challenge CIFP’s rights to award or use the Chartered Financial Planner designation in Canada,” Keith Costello, president and CEO of the CIFP, said in an emailed statement.<\/p>\n
Costello said there are 700 people across Canada with the Chartered Financial Planner designation, up from 200 before FSRA approved it.<\/p>\n
When asked about consumer confusion, FP Canada said in an emailed statement that it recognizes FSRA has “the authority and duty” to approve credentialing bodies and credentials under the title protection framework.<\/p>\n
“FP Canada is committed to working with FSRA and any other jurisdictions where frameworks are established, to continue enhancing the framework in the public interest,” the statement said.<\/p>\n
FP Canada oversees about 17,000 CFP designation holders, according to its website.<\/p>\n","protected":false},"excerpt":{"rendered":"
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