CFP Board yanks certification from adviser

The Certified Financial Planner Board of Standards Inc. has permanently revoked the right of a Youngstown, Ohio-based planner to use the CFP certification.
Roger C. Faubel has fallen afoul of the Board of Standards for two complaints brought by customers.
One pertains to Mr. Faubel’s recommendation that a customer purchase Class B mutual fund shares, and another in which he “recommended that a client incur interest and penalties in taking withdrawals from an annuity and did not inform the client of the option of taking penalty-free distributions from a spouse’s IRA,” according to a statement from the CFP Board.
The permanent revocation is the most severe punishment that the CFP Board of Standards can mete out. On July 1, the CFP Board is putting into effect new ethical standards the board has described as “strengthened.” The board has given certificants until Jan. 1 to implement the standards in their practices.

Related Topics: Certified Financial Planner Board Of Standards Inc. (CFP Board)