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CFP Board adopts revisions to its procedural rules

On Behalf of | May 30, 2023 | CFP Board

The Certified Financial Planner Board of Standards announced that it has adopted changes to the Procedural Rules by which it upholds its standards for CFP® professionals. The rules outline the processes for investigating alleged misconduct, enforcing the board’s Code of Ethics and Standards of Conduct, and imposing sanctions when violations have been found.

Several revisions to the rules were adopted that will take effect on September 1, 2023. The board said one change involves transferring some administrative functions from the Enforcement department to the Adjudication department. Other modifications include expanding the role of Disciplinary and Ethics Commission counsel to make the adjudication process more efficient, eliminating settlement counteroffers, enabling pre-investigation outreach and establishing a process for admitting expert testimony.

“The revised Procedural Rules reflect our ongoing efforts to hold CFP® professionals to rigorous standards of conduct and to uphold the trust that clients place in them,” said CFP Board CEO Kevin R. Keller, CAE. “These changes will update our investigation and enforcement operations so that our processes enhance the benefit to the profession and the public and continue to be fair to CFP® professionals.”

The proposed revisions were initially released for public comments in November 2022. After considering the comments it received, the CFP Board made several changes to its draft revision. Explanations of the changes and a redline showing the final revisions to the Procedural Rules were posted on the CFP Board’s website.

Lewitas Hyman PC represents advisors, brokers and other financial professionals in all matters involving the CFP Board, including CFP Board investigations. Headquartered in Chicago, our securities attorneys represent clients nationwide. For more information relating to CFP Board investigations and discipline or other matters, contact Lewitas Hyman at (888) 655-6002 or through our online contact form for a free consultation.