Here are the goals and objectives for future regulation that the Task Force believes FPA should rely on in crafting meaningful standards for a profession:
o Clear identification by the public of a licensed financial planner.
o Uniform competency and ethical standards for regulating the financial planning process.
o Exemption from duplicative regulation where licensed financial planners meet or exceed existing regulatory standards.
o Fiduciary standard in law for financial planners.
o Peer review process for financial planners.
o Statutory authority to censure, discipline, or otherwise bar individuals from holding out as financial planners or practicing financial planning.
o A governance framework that includes professional representation.
o Said regulatory board is ultimately accountable to a public agency and/or legislative entity.