Certified Financial Planner Board of Standards Inc. - CFP Board's Public Policy & Advocacy

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News & Multimedia

CFP Board in the News

CFP Board actively participates in public policy forums and testifies on legislative issues that affect the personal financial planning profession and consumer access to competent and ethical financial planning services. Additionally, CFP Board is frequently quoted in the media as a source of information on issues and trends impacting consumers and the financial planning profession.

Click on the links below to access the library of news releases and statements and multimedia content related to CFP Board’s public policy and advocacy initiatives.

News Releases and Statements

CFP Board regularly distributes news releases and formal statements on policy issues and activities dealing with consumer protection and regulation of the financial planning profession.

If you are a member of the media and would like to receive more information, please contact us at media@CFPBoard.org.

12/15/2011 – SRO FOR INVESTMENT ADVISERS WOULD LIKELY COST AT LEAST TWICE AS MUCH AS AN ADEQUATELY FUNDED SEC; INVESTMENT ADVISERS EXPRESS STRONG OPPOSTITION TO SRO
Creating a self-regulatory organization (SRO) to oversee investment advisers (IA) would likely cost at least twice as much as adequately funding an enhanced Securities and Exchange Commission (SEC) examination program, according to an independent economic analysis by The Boston Consulting Group (BCG). In a survey conducted by BCG, more than 80% of IAs said they would prefer to pay user fees to fund enhanced SEC oversight. Full article >

9/13/2011 – FINANCIAL PLANNING COALITION TO CONGRESS: PUT INVESTORS AND SMALL BUSINESSES FIRST
The Financial Planning Coalition (the Coalition) told Congress today that the concept of creating a new self-regulatory organization (SRO) for investment advisers, as provided in the discussion draft released by House Financial Services Committee Chairman Spencer Bachus (R-Ala.), is unneeded; would add a layer of regulation and impose costs that could be particularly burdensome for small business owners; and may not significantly improve protection for investors. Full Article >

7/21/2011 – AT ONE YEAR ANNIVERSARY OF DODD-FRANK, NOT ALL AMERICANS COVERED BY FIDUCIARY STANDARD
The Financial Planning Coalition urges the Securities and Exchange Commission to move forward with plans to apply a fiduciary standard to anyone providing personalized investment advice. Full Article >

6/23/2011 – THOUSANDS OF FINANCIAL PLANNERS SIGN PETITION URGING THE SEC TO CREATE UNIFORM FIDUCIARY STANDARD
The Financial Planning Coalition (FPC) today delivered a letter to the Securities and Exchange Commission (SEC), accompanied by a petition signed by more than 5,200 financial planners, urging the SEC to apply a fiduciary standard to anyone providing personalized investment advice to retail clients. Full Article >

6/22/2011 – INVESTOR EDUCATION SHOULD BE PERSONALIZED AND ACCESSIBLE, CFP BOARD TELLS SEC
Investor education needs to greatly improve and should incorporate the value of comprehensive financial planning, CFP Board wrote in a comment letter to the SEC. Full Article >

3/29/2011 – COALITION URGES CONGRESS TO SUPPORT THE SEC IN ESTABLISHING A FIDUCIARY STANDARD OF CARE FOR BROKER-DEALERS
The Financial Planning Coalition today called on Congress – particularly the new majority in the House – to support the Securities and Exchange Commission’s (SEC) efforts to establish a fiduciary standard of care and provide full funding authority for the agency to ensure investors are protected from potential Bernie Madoff-like scams. Full Article >

1/22/2011 – FINANCIAL PLANNING COALITION COMMENDS SEC FOR RECOMMENDING STRONG CONSUMER PROTECTIONS BY EXTENDING THE FIDUCIARY STANDARD OF CARE TO BROKER-DEALERS
The Financial Planning Coalition today commended the Securities and Exchange Commission (SEC) staff study for recommending that the fiduciary standard of care should be extended to broker-dealers who provide personalized investment advice. Full Article >

1/20/2011 – FINANCIAL PLANNING COALITION ENDORSES SEC'S CONTINUED OVERSIGHT OF INVESTMENT ADVISERS
The Financial Planning Coalition today welcomed the release of the report by the Securities and Exchange Commission (SEC) on enhancing over investment adviser examinations and voiced strong support for the retention of continued oversight of investment advisers. The Coalition expressed concerns over the options presented in the SEC report that would outsource the SEC's oversight responsibility. Full article >

1/18/2011 – FINANCIAL PLANNING COALITION SUPPORTS RECOGNITION OF CONSUMER CONFUSION IDENTIFIED BY GAO STUDY RELATED TO FINANCIAL PLANNERS
The Financial Planning Coalition today responded to the findings of a Government Accountability Office (GAO) study on the regulation of financial planners. In its study, which was called for as part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the GAO found significant evidence of consumer confusion surrounding the regulation and legal obligations of financial planners. The GAO also found that the full extent of the risk to consumers is murky because regulators do not currently track complaints and disciplinary actions specific to financial planners. While the GAO study identified numerous consumer protection and data collection issues associated with lack of specific, direct regulation of financial planners per se, it concluded that, given available information, an additional layer of regulation for financial planners does not appear to be warranted at this time. Full article >

8/30/2010 - FINANCIAL PLANNING COALITION ASKS SEC TO REQUIRE FIDUCIARY STANDARD OF CARE TO PROTECT RETAIL CUSTOMERS
CFP Board and its partners in the Financial Planning Coalition, in a letter to the Securities and Exchange Commission (SEC), asked that the fiduciary standard of care—a key investor protection for all Americans who are investing for college, retirement and other needs—be extended to broker-dealers and other financial professionals who provide personalized investment advice to retail customers. Full article >

8/24/2010 - CFP BOARD SUBMITS COMMENTS ON SEC TARGET DATE FUNDS PROPOSAL
CFP Board submitted a comment letter in response to the SEC’s comment period on the proposed amendments to rule 482 under the Securities Act of 1933 and rule 34b-1 under the Investment Company Act of 1940, recommending that target date funds’ advertising and marketing materials need to have better disclosure, provide more specific information about their glide path and asset allocation, and include greater descriptions of asset classes. Full article >

6/15/2010 - WITHOUT FIDUCIARY PROTECTIONS, IT'S "BUYER BEWARE" FOR INVESTORS Washington DC, June 10, 2010 — Consumer Advocates, State Regulators and Financial Industry Organizations Join Senate Fiduciary Champions in Calling on Congress to Require Financial Professionals to "Act in the Best Interests" of Investors. Full article >

6/23/2010 - FINANCIAL PLANNING COALITION SUBMITS LETTER TO CONGRESSIONAL LEADERS
The FPC submitted a letter to Congressional leaders negotiating regulatory reform legislation urging them to oppose provisions which would have failed to meet the stated goal of requiring that brokers who provide investment advice about securities have the same fiduciary obligations as investment advisers and which would preempt the SEC’s authority to regulate equity indexed annuities. The Coalition urged the conferees to make critical changes to the fiduciary standard provision to protect investors.

6/15/2010 - WITHOUT FIDUCIARY PROTECTIONS, IT'S "BUYER BEWARE" FOR INVESTORS Washington DC, June 10, 2010 — Consumer Advocates, State Regulators and Financial Industry Organizations Join Senate Fiduciary Champions in Calling on Congress to Require Financial Professionals to "Act in the Best Interests" of Investors. Full article >

5/18/2010 - DOL/DOT REQUEST FOR INFORMATION REGARDING LIFETIME INCOME OPTIONS FOR RETIREMENT PLANS
CFP Board filed a comment letter with the Agencies, sharing that there is no consensus in the financial planning community over the use of annuities in retirement planning, and opposing proposals to require mandatory or default annuitization. CFP Board expressed strong support for efforts to educate all Americans about the need to plan for retirement, noting that greater transparency and disclosure in annuity pricing and fees would be helpful.
Full article >

4/26/2010 - IRS PROPOSAL FOR PREPARER TAX IDENTIFICATION NUMBER REQUREMENT
CFP Board submitted a comment letter supporting the consumer-oriented policy behind IRS efforts to register all paid tax return preparers, but raising specific concerns about the implementation of competency testing and continuing professional education (CPE) requirements related to the proposal.
Full article >

7/30/2009 - CFP BOARD RECOMMENDS CHANGES TO SEC CUSTODY RULE PROPOSAL
CFP Board today recommended that the Securities and Exchange Commission (SEC) exempt from a proposed rule amendment that would require thousands of investment advisers to undergo annual surprise audits by an independent public accountant those advisers who are deemed to have custody of client assets solely because they have the authority to withdraw fees from client accounts.
Full Article >

7/14/2009 - CFP BOARD WELCOMES BILL TO STRENGTHEN CONSUMER PROTECTIONS
Partners With Other Public-Interest Groups to Support Fiduciary Standard for All Financial Advice
Certified Financial Planner Board of Standards, Inc. today joined forces with other pro-consumer and public interest groups to support provisions in the Investor Protection Act of 2009 that would subject all those who provide investment advice to a fiduciary duty of care that requires them to act in their clients’ best interest.
Full Article >

6/19/2009 - CFP BOARD PROPOSES ESTABLISHING INDUSTRY STANDARDS FOR TARGET DATE FUNDS
Seeks greater uniformity in asset allocations among popular 401(k) investment vehicles
Certified Financial Planner Board of Standards, Inc. Chair Marilyn Capelli Dimitroff, CFP® outlined CFP Board’s proposals to enhance consumer safeguards for investors who use target date funds, in testimony before a joint Securities and Exchange Commission-Department of Labor hearing.
Full Article >

6/18/2009 - FINANCIAL PLANNING COALITION APPLAUDS OBAMA ADMINISTRATION'S PROPOSAL FOR REGULATORY REFORM
The Financial Planning Coalition today announced its support and appreciation for key elements of the President’s proposal for 21st Century Financial Regulatory Reform. The Coalition believes the President’s proposal demonstrates a clear commitment to heightened standards of transparency and accountability for providers of financial advice and increased consumer protections.
Full Article >

4/27/2009 - FINANCIAL PLANNING COALITION ANNOUNCES SUPPORT FOR PROFESSIONAL REGULATION OF FINANCIAL PLANNERS
Proposal Calls for National Standards, and for an Oversight Body Experienced with and Committed to Enforcing the Fiduciary Standard
The Financial Planning Coalition today called for legislation that would designate a national organization to oversee the financial planning profession. This oversight body would set standards of ethics and competency for financial planners and would establish rules to promote the fiduciary standard of client care when providing financial planning services.
Full Article >

1/7/2009 - STATEMENT OF UNDERSTANDING OF THE FINANCIAL PLANNING COALITION
WASHINGTON, DC, January 7, 2009 – Certified Financial Planner Board of Standards (CFP Board), the Financial Planning Association® (FPA®) and the National Association for Personal Financial Advisors (NAPFA), leading national organizations representing the development and advancement of the financial planning profession, release a Statement of Understanding of the Financial Planning Coalition. Full Article >

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Multimedia

On July 17, 2009, Financial Planning Coalition testified before the House Financial Services Committee at a hearing titled “Industry Perspectives on the Obama Administration’s Financial Regulatory Reform Proposals.”

On June 18, 2009, Marilyn Capelli Dimitroff, CFP®, 2009 Chair of CFP Board's Board of Directors, outlined CFP Board’s proposals to enhance consumer safeguards for investors who use target date funds, in testimony before a joint Securities and Exchange Commission-Department of Labor hearing.

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