CFP Board Changes Bankruptcy Rules

With the difficult economic situation the last few years, bankruptcy filings for CFP professionals have been on the rise.  Historically, the CFP Board has had strict guidelines limiting anyone who has filed bankruptcy from getting the CFP certification.  However, effective July 1, 2012, the CFP Board is implementing a new bankruptcy rule applicable to all current CFP professionals and CFP candidates.

Highlights of the changes are noted below:

• A CFP candidate who has filed bankruptcy within the last five (5) years will be allowed to pursue CFP certification as long as they have met all of the certification requirements.
• All current CFP professionals and candidates who have filed bankruptcy will be noted in the CFP professional’s public profile on the CFP Board website.  This profile will detail the professional’s name, city and state of residence and the date and type of bankruptcy.  All information will be filed in a news release informing the public.