Speak Now or Forever Hold Your Peace
CFP® Certificants in the News
“Certified Financial Planner Board of Standards, Inc. (CFP Board) announced…that it is seeking public comment on proposed changes to CFP Board’s Procedural Rules. The proposed changes are intended to modernize CFP Board’s enforcement processes and further CFP Board’s work to uphold its Code of Ethics and Standards of Conduct (Code and Standards) for the benefit of the public. The deadline to submit comments is January 23, 2023.”
Purpose of the Proposed Changes
The stated purposes behind the proposed changes are:
- Promote fairness to the certificant being investigated and
- Maintain public credibility in the process.
Summary of Proposed Changes
According to CFP Board, “the proposed revisions to the Procedural Rules address a number of topics that CFP® professionals and others have raised about the current Procedural Rules, including the following:
- Expanding the Role of Counsel for the Disciplinary and Ethics Commission (DEC Counsel) to Make the Adjudication Process More Efficient
- Transferring Some Administrative Functions from Enforcement to Adjudication
- Incorporating an Existing DEC Standing Order and Other Existing Practices
- Promoting the Benefits of the Adversarial Process by Eliminating Settlement Counteroffers
- Requiring Respondents Who Are the Subject of an Interim Suspension Order to File a Petition for Reinstatement Within Two Years or Receive an Administrative Order of Revocation
- Enabling Pre-Investigation Outreach
- Establishing a Process for Admitting Expert Witness Testimony
- Modifying the Limitations Period to Address Situations Where Enforcement Counsel Does Not Know if the Limitations Period Has Passed When Opening an Investigation”
Speak Now or Forever Hold Your Peace
This phrase dates back to the 1500s and is still used as part of the marriage ceremony by many.1 The phrase has come to mean “this is your last chance to speak up or share information” before an important decision is made. CFP Board encourages your feedback before the proposed changes are adopted.
1 From the 1549 edition of the Book of Common Prayer—the phrase was part of a process to uncover nascent bigamy.
