CFP Board Compares Code of Standards to NAIC Model Regulation

CFP® Board Updates

The CFP Board has released a guide comparing the National Association of Insurance Commissioners’ (NAIC’s) Suitability in Annuity Transactions Model Regulation (MO-275-1) (Model Regulation) to the CFP Board’s Code of Ethics and Standards of Conduct (Code of Standards).  The purpose of the comparison is to help CFP Professionals better understand key differences and similarities between the two.

In all cases where the CFP Board Code and Standards set a higher standard than others, CFP Professionals are obligated to adhere to the Code and Standards.

CFP Board CEO Kevin R. Keller stated,  “As this guide makes clear, a CFP® professional makes a commitment to CFP Board to act as a fiduciary and, therefore, to act in the best interests of the client at all times when providing financial advice.”

A few of the key differences between the two include:

  • The Code and Standards imposes a fiduciary duty, whereas the Model Regulation does not.
  • The Code and Standards applies a prudent professional standards, whereas the Model Regulation does not.

To learn more about the Code of Standards and the Model Regulation, please click

To download the guide comparing the Code of Standards and the Model Regulations, please click: