Referencing CFA Designation in Marketing Materials

As a CFA charterholder, you are expected to adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct. One of your colleagues, who is not a CFA charterholder, recently asked you if he could reference the CFA designation in his marketing materials while promoting his financial services. He is aware that his work is not accountable to the CFA Institute's ethics standards and does not hold any CFA designation. What should you inform him?