Speak Now or Forever Hold Your Peace

CFP® Certificants in the News

CFP Board has a deadline of December 3 for you to post comments on it’s proposed revisions to sanction guidelines and fitness standards. A summary of the key proposed changes follow.

“A revised inventory of 52 conduct categories that align with the Code and Standards

A new list of 25 general aggravating and mitigating factors that describe the factor and state when the factor should or (should not) aggravate (weigh in favor of raising the sanction) or mitigate (weigh in favor of lowering the sanction)

An expanded list of specific aggravating and mitigating factors that are tied to specific conduct categories

A revised framework for evaluating fitness that identifies when an applicant (a) is permanently barred from seeking CFP® certification, (b) currently is ineligible from seeking CFP® certification and (c) is required to file a Petition for Fitness so that the Disciplinary and Ethics Commission may determine whether the applicant is fit for CFP® certification

An expansive description of the conduct that will result in (a) a permanent bar, (b) a determination that the applicant currently is ineligible for CFP® certification and (c) a required Petition for Fitness

A uniform application of the Sanction Guidelines to both applicants and CFP® professionals so that there is parity in CFP Board’s evaluation of applicants and CFP® professionals, as well as similar consequences of misconduct for applicants and CFP® professionals

A new Public Notice that will result if CFP Board grants CFP® certification but the applicant has engaged in conduct that would have resulted in a public censure if the applicant were a CFP® professional

Several policy conclusions, including the following:

Certain misconduct should always bar an applicant from becoming a CFP® professional.

CFP Board should continue to allow the Disciplinary and Ethics Commission (DEC) to issue private sanctions.

The DEC should not be granted authority to impose monetary sanctions.

CFP Board should at no time remove public sanctions from CFP Board’s website.”

Review these proposed changes and complete the CFP Board Public Comment Survey before the deadline!

Disclaimer

The information presented herein is provided purely for educational purposes and to raise awareness of these issues; it is not meant to provide and should not be used to provide legal, identity theft protection, investment, income tax, risk management, retirement, estate, or financial planning advice of any kind. An experienced and credentialed expert should be consulted before making decisions relating to the topics covered herein. There are variations, alternatives, and exceptions to this material that could not be covered within the scope of this blog.