Plans to establish a breakaway advisory association in opposition to the soon-to-be established Financial Planners and Insurance Advisers Association (FPIAA) appear to have made little progress in the past month.
Former Association of Investment Advisers and Financial Planners (IAFP) board member Craig Myles wrote to selected advisers before Christmas seeking their support to form a new Institute of Financial Planning representing professional financial planners.
As part of his missive Myles included a letter he proposed sending to the United States-based Certified Financial Planners (CFP) Board of Standards asking them to revoke the IAFP's licence to use the CFP marque.
The letter claimed that the IAFP had acted unethically at its special meeting last year which ratified the proposal to form the FPIAA in conjunction with the Insurance and Investment Advisers Association (IIAA), and that the CFP had not been adequately promoted in New Zealand.
The letter asked "that the CFP license held by the IAFP be revoked and that all licensees be licensed directly from the CFP Board of Standards until such time as an alternative licensee in New Zealand can be appointed".
However, CFP Board of Standards counsel Dick Young said, on Saturday morning (NZ time) that he knew about the letter, however he had not received a copy from Myles.
Young said IAFP chairman Denys Wright had sent him a copy of the letter.
"To the best of my knowledge and belief I have not received anything from Craig (Myles)," he says.
Also no formal approach had been made to revoke the IAFP's licence.
Young says it is unlikely that he could take action over what happened at the IAFP special meeting for two reasons.
Firstly, he was not a member of the IAFP so wasn't a party to the action, and secondly New Zealand law was significantly different to US law.
To take action he would require something like a court decision or a legal opinion outlining how the IAFP had breached its licence requirements. Also it would have to be shown that "something untoward has happened or is likely to happen" which will damage the CFP marque.
Myles was unavailable for comment.
Earlier stories: Myles plans new adviser association Proposal for new adviser association rubbished Questions over lawyer's letter
Plans to establish a breakaway advisory association in opposition to the soon-to-be established Financial Planners and Insurance Advisers Association (FPIAA) appear to have made little progress in the past month.