CFP Board Approves New Code of Ethics and Standards of Conduct

Posted on April 2nd, 2018 at 12:55 PM
CFP Board Approves New Code of Ethics and Standards of Conduct

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Certified Financial Planner Board has unanimously approved its new Code of Ethics and Standards of Conduct. The revision will expand significantly the fiduciary duty requirement imposed on all CFP professionals.

More specifically, starting October 1, 2019, more than 80,000 CFP professionals will be required to place the interests of the client above the interests of the CFP professional and the CFP professional’s firm. In addition, CFP professionals will be required to avoid conflicts of interest by obtaining the client’s informed consent and will require those who are fee-based to clearly disclose to clients that they earn both commissions and fees or are not fee-only advisors.

Furthermore, the CFP Board has not specifically addressed whether or not its new standards may merge with the SEC’s planned “best interest” proposal. The DOL fiduciary rule was ultimately vacated by the 5th Circuit Court of Appeals earlier this month.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston

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