More On Legal & Compliancefrom The Advisor's Professional Library
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The CFP Board’s Board of Directors announced Tuesday that while there were no forthcoming changes to the continuing education (CE) requirements for CFP certification, the Board was seeking further review of previously proposed changes before making any modifications.
During its November meeting, the Board of Directors passed a resolution calling on the Council on Education and staff at CFP Board to “study and develop recommendations on the appropriate level of CE to maintain CFP professionals’ competency for the benefit of the public.”
As the Board explains, the Council is CFP Board’s volunteer group that advises the organization and CEO on education standards, policies and programs. CFP Board says its staff and the Council are now in the process of conducting “further research into current practices in CE and addressing comments received by stakeholders.” Additional public comments will be sought when proposed changes are developed, the Board says.
In August, CFP Board requested public comment on proposed changes to its CE requirements. These recommended changes were developed based on what the Board said was “a careful review process that considered research on best practices for CE among comparable designations and licenses, recommendations from CFP Board’s Council, and input from the Board of Directors.”
At the time, CFP Board originally proposed a number of changes that included increasing CE requirements from 30 to 40 hours every two years; increasing the CE ethics requirements from two to four hours; granting some CE credit for practice management courses and for pro bono activities; and expanding professional activities that qualify for CE.
CFP Board received a record number of comments—more than 1,100—in response to its proposed changes with the majority (85%) of those commenting opposed to increasing the CE requirement from 30 to 40 hours.
“We are grateful for the very thoughtful and constructive feedback from our CFP professional community on our proposed CE changes,” said Kevin Keller, CFP Board’s CEO, in a statement. “The additional review requested by the Board will ensure that any CE changes balance the interests of the public in maintaining the ongoing competency of CFP professionals with the interests of our CFP professionals in standards that are professionally acceptable, economically affordable and do not create unnecessary administrative burdens.”
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