CFP Board Enforcement Process: Appeals

Posted on September 14th, 2020 at 3:13 PM
CFP Board Enforcement Process: Appeals

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the thirteenth of several posts detailing the CFP Board enforcement process. This post will focus on the CFP Board’s procedure for appeals.

A Respondent may appeal any final order of the CFP Board Disciplinary and Ethics Commission (“DEC”) or Administrative Order to the Appeals Committee. A Notice of Appeal must be filed within 30 calendar days of the issuance of the final order. A Respondent waives the right to appeal if the Notice of Appeal is not timely filed. The order will be stayed pending the appeal. The Respondent must also file a brief no later than 45 calendar days after the final order.

The appeal will be reviewed by the Appeals Committee of the Board of Directors. The Appeals Committee may refer the appeal to an Appeal Panel. The Appeal Panel will review the appeal and submit a recommendation to the Appeals Committee.

The Chair of the Appeals Committee will determine whether to hold a hearing and in what forum that hearing will be held. The Chair of the Appeals Committee will issue a written notice of a hearing no less than 30 calendar days before the hearing. If a hearing is held, both the appellant (CFP Certificant) and the appellee (CFP Board) may make “affirmative presentations” which will be limited to 20 minutes. The appellant will also be allowed an additional 5 minutes for rebuttal.

The Appeals Committee will issue a written order, which is not subject to further appeal.

CFP professionals who receive an inquiry or a complaint from the CFP Board should contact the professionals at Eccleston Law for a free consultation.

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.

Tags: eccelston law, cfp board, enforcement process, procedure for appeals

Return to Archive

TESTIMONIALS

Previous
Next

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

December 9, 2022
FINRA Reminds Firm To Monitor For “Red Flags” In Options Trading Applications

The Financial Industry Regulatory Authority (FINRA) has released an announcement reminding firms that recommend options trading for clients to be constantly monitoring for “red flags” on customer applications.

December 8, 2022
FINRA Orders Morgan Stanley to Pay $697,897 Over Failure to Supervise Nine Advisors

The Financial Industry Regulatory Authority (FINRA) has ordered Morgan Stanley to pay $697,897, including a $200,000 fine and $497,897 in restitution, for failing to adhere to its own procedures for supervising its advisors’ high-risk recommendations. 

December 7, 2022
FINRA Bars Former Northwestern Mutual Advisor For Allegedly Cheating on CFP Exam

The Financial Industry Regulatory Authority (FINRA) has barred a former Northwestern Mutual advisor after he failed to cooperate with the regulator’s probe into the Certified Financial Planner Board of Standards’ (CFP Board’s) decision to bar the advisor for alleged “exam misconduct.”