The Certified Financial Planner (CFP) Board of Standards is seeking comments from professionals and stakeholders on proposed amendments to its “experience requirement” for initial CFP certification as well as revisions to its Disciplinary Rules and Procedures.
The Disciplinary Rules outline CFP Board’s procedures for enforcing its Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards, which establish standards of ethical conduct for CFP professionals. The Disciplinary Rules also apply to the Fitness Standards for Candidates and Registrants. As of July 31, 63,398 planners held the CFP mark.
Comments regarding the revised experience requirement are due by Sept. 17 and may be sent to [email protected], while comments on revisions to the Board’s Disciplinary Rules are due by Oct. 3 and can be emailed to [email protected]. Comments received will be posted to CFP Board’s web site and reviewed by a working group and CFP Board staff. Any final proposed amendments to both areas will be presented to the Board of Directors for review and approval in November.
The CFP Board is proposing revisions to its Disciplinary Rules and Procedures as part of a comprehensive review of its enforcement process, which the board says is being conducted by outside counsel experienced in securities regulation and administrative enforcement processes.
The CFP Board’s current experience requirement requires individuals wishing to attain CFP certification to complete three years of full-time work experience related to the personal financial planning process.