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CFP Board Censures Improper CFP® Certificant Conduct

Jun 12, 2008

WASHINGTON, DC –June 12, 2008 – Certified Financial Planner Board of Standards Inc. (CFP Board) announces that it has permanently revoked the right of Roger C. Faubel, of Youngstown, Ohio, to use the CFP® certification marks, effective immediately.

In April 2008, CFP Board’s Appeals Committee heard the appeal of a July 2007 decision by CFP Board’s Disciplinary and Ethics Commission to revoke Mr. Faubel’s right to use the CFP® marks. The Commission, in part, based its finding on two customer complaints. One related to Mr. Faubel recommending the purchase of “B” mutual fund shares. In the other, Mr. Faubel recommended that a client incur interest and penalties in taking withdrawals from an annuity and did not inform the client of the option of taking penalty-free distributions from a spouse’s IRA. The Appeals Committee affirmed the Commissions’ findings and discipline imposed.

This is the latest public discipline imposed through CFP Board’s active enforcement of the ethical standards for CFP® certificants. Public disciplinary actions taken by CFP Board, in order of decreasing severity, include permanent revocation, suspension and letters of admonition. An individual found in violation of CFP Board’s Code of Ethics and Professional Responsibility or Financial Planning Practice Standards by the Commission has the right to appeal that decision to CFP Board’s Appeals Committee, which may affirm the Commission’s decision or modify the Commission’s decision or findings.

In July 2008, a revised version of CFP Board’s Standards of Professional Conduct takes effect that strengthens the ethical standards for CFP® certificants. The revised Standards introduce a heightened duty of care requirement for CFP® certificants, requiring that they place the interests of their clients ahead of their own at all times and, when providing financial planning services, act with the duty of care of a fiduciary, defined by CFP Board as “one who acts in utmost good faith, in a manner he or she reasonably believes to be in the best interest of the client.”

The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 57,000 individuals to use these marks in the United States. Consumers may check on a planner’s disciplinary history and certification status with CFP Board at www.CFP.net.

CORRECTION: A November 2005 release announcing disciplinary action against Ronald J. Sloy misstated the amount of damages sought by clients. The correct amount of the claims was $12.5 million. The amended citation can be found at http://www.CFP.net/media/release.asp?id=126.

The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 57,000 individuals to use these marks in the United States.

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CONTACT:
J. Barron Knight, Director of Professional Review
P:202-379-2240
E: media@CFPBoard.org

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