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IFP retreats in row over chartered status

The Institute of Financial Planning has backed down from a legal showdown with the Privy Council over the CII’s launch of chartered status.

Last month, the IFP accused the CII of trying to undermine its own certified financial planner accreditation with the launch of a chartered financial planner qualification.

The IFP says the Privy Council – which oversees chartered status in professions – unfairly excluded it from the consultation process by failing to inform it that an application had been received from the CII.

Earlier this week, board members decided that a judicial review against the Privy Council would be too costly and would not necessarily force the CII to change its accreditation.

IFP chief executive Nick Cann now hopes that it can force the CII to change the name of its chartered qualification under trademark law.

The Financial Planning Standards Board, which oversees the certified qualification internationally, has taken up the investigation into a possible legal challenge.

Cann says: “There is still a possibility we might force a change under trademark law. But we need to sit down and discuss how we can align the certified and chartered qualifications in the meantime.”

CII group public affairs director John Ellis says: “The door is always open but we are not going to budge on this.”

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