SIFMA Challenges CFP Board

Posted on November 14th, 2024 at 10:46 AM
SIFMA Challenges CFP Board

From the desk of Jim Eccleston at Eccleston Law

According to InvestmentNews, the Securities Industry and Financial Markets Association (SIFMA) released a whitepaper criticizing the Certified Financial Planner (CFP) Board’s standards enforcement, asserting it operates as a “de facto, private regulator.” SIFMA claims the CFP Board’s disciplinary practices create complications for its member firms, which employ tens of thousands of CFP professionals.

SIFMA's primary concern is the overlapping “regulatory” oversight, as CFPs already must comply with rules from the SEC, FINRA, and state securities regulators. For example, the whitepaper highlights potential conflicts when CFPs under investigation share firm-owned documents with the CFP Board, which SIFMA argues disrupts firm control over proprietary information.

The whitepaper contends that the CFP Board’s enforcement structure and independent rulemaking closely resemble a governmental regulator.

According to SIFMA, no other private credentialing body has enacted a comparable system of regulatory functions, including investigations, adjudications, and publicly accessible disciplinary records.

 

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

Tags: eccleston, eccleston law, sifma, cfp

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

October 15, 2025
SEC Accuses Florida Insurance Agent of $52 Million Unregistered Securities Scheme

The U.S. Securities and Exchange Commission (SEC) has filed a complaint against Florida insurance agent Charles D. Oliver, alleging he illegally sold about $52 million in unregistered oil and gas securities to roughly 50 retail investors, including retired seniors.

October 14, 2025
Morgan Stanley's Termination of Financial Advisor Highlights Scrutiny Over U-5 Filings

Morgan Stanley recently terminated a 25-year industry veteran in Miami, underscoring the heightened scrutiny surrounding U-5 filings and the challenges that accompany them.

October 13, 2025
Morgan Stanley Cuts Advisor Deferrals in 2026 Compensation Plan, Boosting Advisor Payouts

Morgan Stanley Wealth Management announced a significant change to its 2026 compensation plan, cutting advisor deferral rates by half while keeping total pay and grid structures largely unchanged.