CFP Board is requesting public comment on proposed changes to its procedural rules for those seeking CFP certification with a single bankruptcy or multiple misdemeanor convictions involving several alcohol and/or drug-related offenses.
The organization is seeking input on its website from current CFPs, candidates, firms, membership organizations and the public by April 25.
“CFP Board is committed to upholding the integrity of CFP certification while ensuring a fair and efficient review process for candidates,” said CFP Board CEO Kevin R. Keller, in a statement. “We encourage stakeholders to share their input and help shape a process that balances consumer protection with a clear, consistent path to certification.”
CFP Board says it plans to modify Article 5 of its procedural rules to “provide an expedited mechanism for assessing the fitness of candidates with a single bankruptcy filing and multiple misdemeanor convictions involving a second (or more) alcohol and/or drug-related offense that occurred some time ago.”
As a result of the proposed changes, a CFP candidate with a bankruptcy in the past — but no longer demonstrating an inability to manage their financial affairs — may attain CFP certification with a caution or public notice “depending on how long ago the bankruptcy occurred and whether the individual was providing professional services at the time of the bankruptcy,” the group says.
Also, a candidate with multiple misdemeanor convictions involving an alcohol and/or drug-related offense may attain CFP certification with a caution “if the most recent alcohol and/or drug-related offense was seven or more years ago,” it notes.
The proposed revisions should “result in outcomes similar to those under CFP Board’s existing practices” and “will maintain the integrity of CFP certification while reducing the volume of cases that the Disciplinary and Ethics Commission will be required to handle,” the group adds.
Further details are available online.
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