CFP Board Revises Sanction Guidelines and Fitness Standards

Posted on September 24th, 2024 at 11:16 PM
CFP Board Revises Sanction Guidelines and Fitness Standards

From the desk of Jim Eccleston at Eccleston Law

The CFP Board has finalized revisions to its Sanction Guidelines and Fitness Standards.

According to FinancialPlanning, key revisions include:

1. Conduct Categories: An updated inventory of 52 conduct categories that align with the CFP Board's Code and Standards.
  
2. Aggravating and Mitigating Factors: A new list of 25 general factors that describe when certain conduct should either aggravate (raise the sanction) or mitigate (lower the sanction).
 
3. Specific Factors: An expanded list of aggravating and mitigating factors tied to specific conduct categories.
 
4. Fitness Evaluation Framework: A revised framework for evaluating fitness that determines when an applicant is permanently barred, currently ineligible, or required to file a Petition for Fitness with the Disciplinary and Ethics Commission.
 
5. Conduct Description: A detailed description of conduct that will result in a permanent bar, ineligibility, or the need for a Petition for Fitness.
 
6. Uniform Sanction Guidelines: Ensuring that both applicants and CFP® professionals face similar consequences for misconduct.
 
7. Public Notice: Introducing a new public notice if the CFP Board grants certification to an applicant whose conduct would have resulted in a public censure if that applicant already had been a CFP® professional.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

Thank you so very much for your guidance, patience, and expertise.

Beth and Steve K.

LATEST NEWS AND ARTICLES

November 6, 2025
Former Ameriprise Broker Ordered to Pay $2.2 Million for Elder Exploitation

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Eric A. Dupre to pay nearly $2.2 million in damages to his former firm and two customers following allegations of theft and elder exploitation.

November 5, 2025
Former Wells Fargo Representative Suspended for Unauthorized Texting and Obstruction

The Financial Industry Regulatory Authority (FINRA) has suspended former Wells Fargo representative Eyan M. Townsend for one year and fined him $10,000 for using personal text messages to conduct business and attempting to obstruct an internal investigation by deleting those communications.

November 4, 2025
FINRA Suspends Former Morgan Stanley Advisor Over $180,000 in Improper Transfers

The Financial Industry Regulatory Authority (FINRA) suspended former Morgan Stanley advisor C.J. Kline for two years and imposed a $5,000 fine for allegedly executing more than $180,000 in improper fund transfers between his personal and brokerage accounts.