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Kevin R. Keller

Regulation and Compliance > Federal Regulation

CFP Board Seeks Comment on Enforcement Rule Changes

By Melanie Waddell

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The Certified Financial Planner Board of Standards said Monday that it’s seeking public comment on proposed changes to its Procedural Rules, which are meant to modernize CFP Board’s enforcement process.

Comments are due by Jan. 23.

“We encourage and welcome candid feedback from CFP professionals and other stakeholders on these proposed changes to CFP Board’s Procedural Rules,” said CFP Board CEO Kevin R. Keller in a statement. “CFP Board is continually evaluating our investigation and enforcement operations to ensure that our process benefits the public and is fair to the certificant.”

The proposed revisions to the Procedural Rules address a number of issues raised by CFPs and others, the board said, and includes:

  • Expanding the role of counsel for the Disciplinary and Ethics Commission (DEC Counsel) to make the adjudication process more efficient
  • Transferring some administrative functions from enforcement to adjudication
  • Eliminating settlement counteroffers
  • Requiring respondents who are the subject of an interim suspension order to file a petition for reinstatement within two years

A redlined version of the proposed revisions to the Procedural Rules can be found here.

CFP Board said last November that it will now recommend a public censure for CFPs who fail to timely report potential misconduct and fail to provide accurate ethics violations to the CFP Board.

The changes were adopted to the Board’s Sanction Guidelines and Procedural Rules.

Melanie Waddell

@Think_MelanieW

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