CFP Board Enforcement Process: Petition for Fitness Determination

Posted on July 21st, 2020 at 3:36 PM
CFP Board Enforcement Process: Petition for Fitness Determination

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the fifth of several posts detailing the CFP Board enforcement process.  This post will focus on the rules regarding a Petition for Fitness Determination. 

Depending on the conduct at issue, a CFP professional who has been suspended by the CFP Board Counsel may be eligible to file a Petition for Fitness Determination. When such a petition is filed, the CFP Board Counsel has the authority to investigate and the CFP Board’s Disciplinary and Ethics Commission (“DEC”) has the authority to issue a final order on the Petition.     

The “Fitness Standards for Candidates and Professionals Eligible for Reinstatement” sets forth a list of unacceptable conduct and a list of conduct that is presumed to be unacceptable. A CFP professional whose conduct is on the unacceptable list is ineligible to file a Petition for Fitness Determination. Conduct on the “unacceptable” list includes the revocation of a financial professional license or a felony conviction for theft, other financially-based crimes, or murder. 

A CFP Professional whose conduct is presumed to be unacceptable is eligible to file a Petition for Fitness Determination. Conduct that is presumed to be unacceptable includes revocation or suspension of a non-financial professional license, suspension of a financial professional license, or a felony conviction for non-violent crimes within the last five years. 

When evaluating a Petition for Fitness Determination, the relevant factors include the “extent to which the Relevant Conduct reflects adversely upon the profession or the CFP certification marks;” as well as “[w]hether and how Respondent has taken actions that are designed to prevent the Relevant Conduct from reoccurring in the future[.]”

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.

Related Attorneys: James J. Eccleston

Tags: eccleston, eccleston law, james eccleston, legal trouble, litigation, financial advisorscfp enforcement, fitness determination

Return to Archive



We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele


February 23, 2024
Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

John A. Dougherty, a veteran advisor with 23 years of experience, agreed to an AWC (Acceptance, Waiver, and Consent) after refusing to cooperate with a regulatory investigation into allegations of undisclosed outside business activities.

February 22, 2024
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

February 21, 2024
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.