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|April 30, 2012|
CFP Board requests comments on proposed Sanction Guidelines for use in hearings before the Disciplinary and Ethics Commission and the Appeals Committee of the Board of Directors. The complete proposal is available at www.CFP.net/downloads/CFPBoard_Sanction_Guidelines_Proposal_2012-04.pdf.
of Proposed Sanction Guidelines
CFP Board’s enforcement process includes written notice to individuals under investigation, the opportunity to respond to the matters under investigation, the opportunity to appear at a hearing to address allegations of misconduct, the right to be represented by legal counsel and introduce witnesses and evidence, and the right to appeal decisions involving discipline.
CFP Board has developed the proposed Sanction Guidelines to assist the Disciplinary and Ethics Commission (“Commission”), the group charged with conducting disciplinary hearings in accordance with CFP Board’s Disciplinary Rules and Procedures, in maintaining consistency regarding the imposition of sanctions for similar offenses. The proposed Sanction Guidelines would also be used by the Appeals Committee of the Board of Directors, which considers appeals of Commission decisions.
The Sanction Guidelines identify specific conduct that is a violation of CFP Board’s Standards of Professional Conduct, the sanction guideline for that conduct and policy notes for the Commission to consider when imposing the appropriate sanction. The Commission and Appeals Committee are not bound by the Sanction Guidelines, which are intended, along with the Anonymous Case Histories, to guide the decision making of the Commission and Appeals Committee. When considering the appropriate sanction in a particular case, the Commission and Appeals Committee may deviate from the sanction guideline if there are aggravating facts that warrant a more severe sanction or mitigating factors that warrant a less severe sanction.
The full proposed Sanction Guidelines is available on CFP Board’s website at www.CFP.net/downloads/CFPBoard_Sanction_Guidelines_Proposal_2012-04.pdf.
Comments received will be reviewed and considered by CFP Board and will be posted on CFP Board’s website in their entirety. Final proposed changes are expected to be presented to CFP Board’s Board of Directors for approval in July 2012.
on Comment Periods
In April 2012, following review of comments received during public comment periods, CFP Board announced changes to its experience requirement, a new procedure to disclose bankruptcy filings to the public, and several proposed amendments to the Disciplinary Rules and Procedures. Later this year, CFP Board will seek comment on several additional initiatives, including: proposed changes to the Continuing Education standard; proposed amendments to the Rules and Procedures of the Appeals Committee; and additional proposed amendments to the Disciplinary Rules and Procedures to strengthen its notice provisions.
We appreciate the opinions of all CFP Board's stakeholders and welcome your comments on this and future proposals.
CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS, INC.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete initial and ongoing certification requirements.