This is the second of several posts detailing the CFP Board enforcement process. The first post detailed the CFP Board’s investigation process. This post will focus on one potential outcome of a CFP Board investigation: an interim suspension.
Tagged with "CFP Board"
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CFP Board Announces Dramatic Increase in Enforcement Activity
Posted on June 26th, 2020 at 3:41 PM
The CFP Board announced a wide array of new enforcement activities, which includes spending $5 million to conduct background checks on all CFP professionals. This move comes after a task force found “significant failures in the execution of the CFP Board’s enforcement program[.]” Additionally, a July 2019 story in The Wall Street Journal detailed how the CFP Board website failed to inform users about past disciplinary issues for CFP professionals. The Wall Street Journal found that more than 5,000 advisors who were listed on the CFP Board website as having a clean disciplinary record actually had a disciplinary history.
CFP Board Enforcement Process: The Investigation
Posted on June 25th, 2020 at 3:56 PM
CFP Board Self-Reporting Requirements Greatly Expanded
Posted on June 17th, 2020 at 3:51 PM
This is the first in a 3-part series addressing the CFP Board’s new self-reporting requirements that went into effect on October 1, 2019. Among the changes in the new rule is an expansion of the self-reporting requirements for CFP professionals. Like the old rule, the new rule requires a CFP professional to self-report to the CFP board within 30 calendar days.
CFP Exam Postponed until September
Posted on May 4th, 2020 at 5:20 PM
Due to COVID-19, the CFP Certification Exam, which had been set to take place in July, has been postponed until September. The exam is now scheduled for September 22-29. Individuals who were scheduled to take the July exam will receive an email by May 31 with instructions on how to reschedule their testing appointment.
CFP Board Requests Comment on New Proposed Procedural Rules and Rules Regarding Reporting of Customer Complaints
Posted on April 8th, 2020 at 4:31 PM
The Certified Financial Planner Board of Standards (“CFP Board”) is in the process of implementing new procedural rules, and is again seeking comments on the latest iteration of the proposed rules. The new procedural rules are designed to consolidate and replace the CFP Board’s Disciplinary Rules and Procedures and the Appeal Rules and Procedures. The CFP Board had previously sought comments on its new procedural rules from November 27, 2018 through January 29, 2019.
Compliance with CFP Board’s New Code of Ethics and Standards
Posted on September 6th, 2019 at 4:21 PM
When the CFP Board's new Code of Ethics and Standards of Conduct ("Code and Standards") takes effect on June 30, 2020, the CFP Board will expect 63,000 CFP professionals to act in the best interests of their clients at all times when providing an investor with "financial advice."
CFP Board New Code of Ethics and Standards of Conduct: Compensation Method Part 3
Posted on July 26th, 2019 at 4:12 PM
The new Code and Standards also address two specific compensation representations: the term “fee-only” and the term “fee-based,” which the previous standards did not specifically address. The Board explains in the Commentary that members of the public are interested in working with a fee-only financial planner, which has created an incentive for a CFP professional (and others) to describe their compensation method that way.
CFP Board New Code of Ethics and Standards of Conduct: Disclosing and Managing Conflicts of Interest Part 2
Posted on July 25th, 2019 at 5:19 PM
The Code and Standards note that no business model is conflict-free and that CFP advisors have a specific set of conflicts which they must disclose and manage under the new guidelines.
CFP Board New Code of Ethics and Standards of Conduct: Duties Owed to Clients
Posted on July 24th, 2019 at 3:15 PM
When the CFP Board's new Code of Ethics and Standards of Conduct ("Code and Standards") takes effect on June 2020, the CFP Board will expect all CFP professionals to abide by this more rigorous framework.
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