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

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