WASHINGTON, — Certified Financial Planner Board of Standards, Inc., today for public comment, issued proposed changes to the Procedural Rules that govern CFP Board’s disciplinary process. The 60-day public comment period ends January 29, 2019.
CFP Board also adopted technical revisions to the Code of Ethics and Standards of Conduct and announced a new set of responses to “Frequently Asked Questions” concerning the same Code and Standards that will become effective on October 1, 2019. Each of these documents may be found on CFP Board’s website at www.CFP.net/code. CFP® professionals and members of the public will have the opportunity to provide comments on the Procedural Rules using a form that is available on the website. They also may email comments to comments@cfpboard.org.
Procedural Rules
The proposed Procedural Rules will consolidate and replace the existing Disciplinary Rules and Procedures and Appeal Rules and Procedures. CFP Board intends for the Procedural Rules to improve the process that governs those who are subject to CFP Board’s enforcement function.
Key changes include:
FAQs
In late June 2018, CFP Board formed a Standards Resource Commission to provide guidance to CFP® professionals and their firms on the new Code of Ethics and Standards of Conduct. The blue-ribbon group is composed of individuals from financial services firms and members of the public. In response to questions received from stakeholders, including during public forums held in several cities in September 2018, the Standards Resource Commission has assembled responses to Frequently Asked Questions concerning the Code and Standards. Some of the key responses to FAQs address the following:
Technical Revisions
The Board of Directors of CFP Board recently adopted several technical revisions to the Code and Standards. These technical revisions do not materially change the Code and Standards; instead, they provide clarity to several sections of the document. The most significant change is to specify when a CFP® professional must provide certain information to a Client. The Code and Standards, as revised by the technical revisions, will go into effect on October 1, 2019.
About CFP Board
Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public’s awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms as the standard for financial planning, CFP® certification is held by over 82,000 people in the United States.