CFP Board Enforcement Process: Hearings

Posted on August 10th, 2020 at 12:35 PM
CFP Board Enforcement Process: Hearings

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the eighth of several posts detailing the CFP Board enforcement process. This post will focus on the CFP Board’s procedure regarding hearings.

In any case presented to the CFP Board’s Disciplinary and Ethics Commission (“DEC”), the CFP Board must hold a hearing if one is requested by Respondent, CFP Board Counsel, or the DEC. This hearing may be held in person, by telephone or by video conference. If a hearing is not requested, the DEC has the authority to resolve the matter based on the written record. If a hearing is to be held, the CFP Board must provide a Notice of Hearing no less than 30 calendar days prior to the hearing.

If Respondent wishes to continue a hearing, they may make a written request to the CFP Board Counsel, who may grant or deny the request. If CFP Board Counsel denies the request, Respondent may file a Motion for Continuance. If CFP Board Counsel wishes to continue a hearing, they may do so and must inform Respondent no less than 30 calendar days before the new hearing date.

The hearing will be held in front of a panel of at least three people. A majority of the hearing panel must be CFP professionals, and a majority must be DEC members. The chair of the hearing panel must be a DEC member.

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: CFP Board, Ethics Commission

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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.


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