Squabble erupts between two financial advisors associations

By Mathieu Carbasse | February 26 2016 01:26PM

A feud has erupted between the Corporation des professionnels en services financiers (CDPSF), and the Professional Association of Financial Services Advisors (PAFSA). Through press releases, the two organizations that defend the interests of financial advisors in Quebec have been inveighing against each other, attempting to justify their actions and assert their legitimacy.

Everything first began when PAFSA set out explain the difference between the two associations to its members.

PAFSA fires the first shot

"The CDPSF is a legal entity [...] with no other purpose than grouping together financial services professionals. It has no ability to represent or defend its members," reads the document.

Signed by Flavio Vani, the association's president and spokesman, the press release does not fail to emphasize PASFA's "official status" as "an association [...] which has legal authority to represent and defend the interests of its members."

In sum, the statement concludes that the CDPSF and PAFSA do not have the same mission or the same objectives.

The CDPSF strikes back

This was enough to prompt a counter attack from CDPSF president Mario Grégoire, who strongly condemned PASFA's comments on the subject.

"I was flabbergasted to read these kinds of statements. This is disinformation. They are insulting the intelligence of financial services professionals. The CDPSF demands an immediate retraction from PAFSA," responded Grégoire.

The press release described PASFA's arguments as "simply ridiculous", and went on to note that the CDPSF was formed through the combined efforts of the Quebec government, the Autorité des marchés financiers (AMF), and the Chambre de la sécurité financière (Chambre).

At the end of his message Mario Gregoire addressed Flavio Vani directly and called for a little more restraint. "The CDPSF was basically created by the Chambre and yet it is not able to represent its members today? Get serious, Mr. Vani," protested Grégoire.