On August 20, 2012, CFP Board submitted a comment letter in response to a Request for Information (RFI) by the CFPB.
The letter and accompanying research “Senior Financial Exploitation Study” shows, financial abuse and exploitation of the elderly is a serious problem.
CFP Board highlighted the deceptive or misleading use of financial certifications, designations, and titles as well as the lack of guidance for consumers –especially seniors– on which designations can be trusted.
To address this concern, CFP Board encouraged the establishment of a rating system for financial certifications and designations, which could be based on objective criteria (modeled on best practices for certifications) against which certifications and designations could be evaluated and rated.
Read CFP Board's news release