The Certified Financial Planner Board of Standards is seeking to limit the amount of time a mark holder has to reclaim the designation after being disciplined.
On Monday, the CFP Board released for public comment several changes to its procedural rules that the organization said are intended to reform its enforcement process for upholding the ethical standards related to the mark.
Under the proposed revisions, a CFP who is the subject of an interim suspension order would have to file a petition for reinstatement within two years or else the mark could be revoked. The petition for reinstatement would have to show “evidence of respondent’s rehabilitation and fitness for CFP certification,” according to the draft revision of the rules.
Another change would establish a process for admitting expert witness testimony when a CFP goes through an enforcement proceeding. The reforms are based on a set of recommendations developed by CFP Board staff after the investigation and adjudication functions of enforcement were separated.
The proposal, which is open for public comment until Jan. 23, is part of an ongoing effort by the CFP Board to reform its enforcement procedures to align with a revised code of ethics that went into force in June 2020. Under the code, all CFPs must act as fiduciaries to their clients while providing investment advice.
“We encourage and welcome candid feedback from CFP® professionals and other stakeholders on these proposed changes to CFP Board’s Procedural Rules,” CFP Board CEO Kevin Keller said in a statement. “CFP Board is continually evaluating our investigation and enforcement operations to ensure that our process benefits the public and is fair to the certificant.”
After reviewing the comments, CFP Board staff could revise the proposal. They would then present a final recommendation to the board, which could adopt the changes at an upcoming meeting.
Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing
Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.
New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.
Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.
How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
