The Chartered Institute for Securities and Investment has warned that it could take legal action against advisers giving false qualifications on IFA directories.
The CISI, which merged with the Institute of Financial Planning last year and grants the Certified Financial Planner designation, has said today that it could not only expel advisers from the CISI if they do not keep their records up to date, they could also take action through the courts.
The warning comes after a report from consumer body Which? last week found that around two-thirds of advisers in a sample on directory Unbiased did not have accurate qualification details.
CISI business development head Kevin Moore says: “If we get to hear of any advisers falsely claiming to hold the Certified Financial Planner designation, or any of our designations, we will investigate this immediately.
“If subsequently we discover the adviser is fraudulently misrepresenting themselves we will take disciplinary or legal action against that individual and this could result in that individual losing their membership of the CISI.
“We would like to remind all CISI members and CFP professionals that they are personally responsible for updating all details relevant to their CISI membership, CFP designation or AFP status listing on commercial listings websites which they themselves may have paid for and signed up to.”