CFP Board Seeks Public Input on Changes to Certification Rules

Posted on April 8th, 2025 at 9:21 AM
CFP Board Seeks Public Input on Changes to Certification Rules

From the desk of Jim Eccleston at Eccleston Law

The CFP Board is requesting public comment on proposed revisions to its procedural rules regarding certification eligibility for candidates with a single bankruptcy or multiple misdemeanor convictions related to alcohol or drug offenses.

ThinkAdvisor reports that the proposed changes would modify Article 5 of the procedural rules to create an expedited assessment process for candidates with certain financial or criminal histories.

Under the proposed revisions, a candidate with a past bankruptcy may obtain CFP certification with either a caution or public notice, depending on how long ago the bankruptcy occurred and whether the individual was providing professional services at the time. Additionally, candidates with multiple alcohol- or drug-related misdemeanor convictions may receive certification with a caution if their most recent offense occurred at least seven years ago.

ThinkAdvisor added that these revisions aim to align with existing practices while reducing the volume of cases reviewed by the CFP Board’s Disciplinary and Ethics Commission (DEC). The changes are intended to balance consumer protection with a transparent and consistent certification process.

 

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

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