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CISI threatens disciplinary or legal action against false CFP claims

5 December 2017

The Chartered Institute for Securities and Investment has warned that advisers fraudulently using the Chartered Financial Planner designation will face disciplinary or legal action.

Following an investigation by Which? into financial advisers publishing false credentials in online, paid-for listings services, CISI global head of business development Kevin Moore said if it heard of any of its members falsely claiming to hold certified financial planner status it would investigate immediately and advisers could face expulsion from the Institute.

The report by Which? found 27 of 43 advice firms on Unbiased claimed to employ certified financial planners, but did not have a single adviser with the qualification from the CISI.
Moore said: “If 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 AFPF status listing on commercial listings websites which they themselves may have paid for and signed up to.”

CISI said consumers could check the CISI Wayfinder listing to check whether their adviser is a certified financial planner. The listing also shows CISI firms who have achieved Accredited Financial Planning Firm status.

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