Compliance & Regulations

CFP Board to Release Draft of Proposed Changes to Standards of Professional Conduct

To be released on June 20, 2017; Public forums to follow in July

WASHINGTON, June 13, 2017 /PRNewswire-USNewswire/ — Certified Financial Planner Board of Standards, Inc. today announced that it will release a draft of proposed changes to its Standards of Professional Conduct on June 20, 2017. CFP Board will accept written comments and hold a series of public forums.

The 60-day comment period will begin on Tuesday, June 20, 2017 and end on Monday, August 21, 2017. Public forums will be held in eight cities, at the locations and on the dates set forth below:

 

July 24

8:00 – 10:00 a.m.

Tampa

Tampa Marriott Waterside

July 24

4:30 – 6:30 p.m.

Atlanta

Westin Buckhead

July 25

8:00 – 10:00 a.m.

New York

Westin New York Grand Central

July 25

4:30 – 6:30 p.m.

Detroit

Sheraton

July 26

8:00 – 10:00 a.m.

St. Louis

Sheraton Clayton Plaza Hotel

July 26

5:00 -7:00 p.m.

Dallas

The Westin Galleria

July 27

8:00 – 10:00 a.m.

Phoenix

Hyatt Regency Scottsdale at Gainey Ranch

July 27

5:00 -7:00 p.m.

San Diego

Marriott Marquis San Diego Marina

 

More information about the public forums, and details about how to submit written comments, will be announced when CFP Board issues the draft changes for comment. Following the comment period, CFP Board’s Commission on Standards will review the comments and make recommendations to the Board of Directors concerning any proposed changes. The Board will review the recommendations and publish the final revised Standards. The Standards will become effective on a date to be determined by the Board.

CFP Board periodically reviews the Standards to maintain the value, integrity and relevance of the CFP® certification. In December 2015, CFP Board announced that a Commission on Standards was appointed and tasked with reviewing and making recommendations to the Standards.

In December 2015, CFP Board announced the formation of a Commission on Standards charged with reviewing and recommending to the Board of Directors proposed changes to CFP Board’s Terminology, Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards, which can be found in CFP Board’s Standards of Professional Conduct.

The Commission is charged with reviewing and making recommendations that are in keeping with CFP Board’s mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical financial planning. CFP Board began the process with a series of public forums in the first quarter of 2016, and after the proposed changes have been developed, CFP Board will solicit public comment on those proposed changes.

Scope of Review and Reccomendations

The Board of Directors has charged the Commission on Standards with reviewing and making recommendations related to four sections of the Standards of Professional Conduct: the Terminology, Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.

The Commission is charged with reviewing and making recommendations that are in keeping with CFP Board’s mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical financial planning.

CFP Board periodically reviews the Standards to maintain the value, integrity and relevance of the CFP® certification

In developing its recommendations the Commission has been directed to consider, among other things:

  • Input from members of the public, including the CFP® professional community, as raised in public forums and in comments submitted in response to the publication of proposed changes;
  • Federal and state statutes, rules and regulations related to the provision of investment advice or the sale of insurance, securities or other financial products, such as the Investment Advisors Act of 1940, Investment Company Act of 1934,
  • Securities and Exchange Act of 1933, Securities and Exchange Act of 1934, Employee Retirement Income Security Act, and the FINRA Rules; and The ethical rules or standards of other standards setting organizations.

Process

CFP Board has established the following process to guide the Commission in conducting its work:

  • The Commission will seek initial public comment through a series of public forums in various locations across the country during the first quarter of 2016. A list of the cities and dates can be found here.
  • After this set of public forums, the Commission will meet to review the initial input from the public and begin the process of determining what modifications they will recommend be made to the four sections of the Standards of Professional Conduct that are under review.
  • Once the Commission’s review concludes, it will make recommendations to the Board of Directors.
  • The Board will finalize and publish the proposed changes, and request public comment.
  • The Commission will then review and consider the public comments and revise its recommendations to the Board of Directors, as appropriate. If necessary, CFP Board will submit the proposed changes for further public comment.
  • The Board will finalize and publish the revised Standards of Professional Conduct with the date they will become effective.

Commission Members

The Commission is made up of CFP® professionals and others in the financial services industry who operate under diverse business models; regulatory experts; a consumer advocate; and a representative of the public.

 

Chair
V. Raymond Ferrara, CFP®

ProVise Management Group, LLC
Clearwater, FL

Chris Beard, CFP®
Gateway Wealth Strategies
Greenville, SC

Allison Bishop
Bank of America Merrill Lynch
New York, NY

David Foegal, CFP®
Vanguard
Scottsdale, AZ

Diahann W. Lassus, CFP®
Lassus Wherley
New Providence, NJ

Linda Leitz, CFP®
It’s Not Just Money
Colorado Springs, CO

Terry Lister, JD
Edgerton & Weaver
Kansas City, MO

Sue Meisinger, JD
170 Rock Harbor Road
Orleans, MAMatt Murphy, CFP®
Murphy Capital Advisors
Phoenix, AZRobert Plaze
Strook & Strook & Lavan
Washington, DCChristopher Rand, CFP®
Fides Wealth Strategies Group
San Diego, CAPeter Richardson, CFP®
Northwestern Mutual
Milwaukee, WIBarbara Roper
Consumer Federation of America
Washington, DCJeffery Sills, CFP®
Capital One Investments
Wilmington, DE

 

 

 

About CFP Board
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. CFP Board currently authorizes more than 77,000 individuals to use these marks in the U.S.COMMISSION ON STANDARDS