Proposed Procedural Rules

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Proposed Procedural Rules

Request for Comments on Proposal Procedural Rules
Comments Requested by Tuesday, January 29, 2019

CFP Board is accepting comments on proposed Procedural Rules during a public comment period that ends Tuesday, January 29, 2019. 

The proposed Procedural Rules will consolidate and replace the existing Disciplinary Rules and Procedures and Appeal Rules and Procedures.  CFP Board intends for the Procedural Rules to improve the process that governs those who are subject to CFP Board’s enforcement function.

Comments may be submitted by email to comments@cfpboard.org or through an online form accessible from the button below.  All comments submitted to CFP Board will be posted on our website with the name of the commenter and date submitted (new comments will be posted on at least a weekly basis).

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About the Proposed Procedural Rules

The proposed Procedural Rules will consolidate and replace the existing Disciplinary Rules and Procedures and Appeal Rules and Procedures. CFP Board intends for the Procedural Rules to improve the process that governs those who are subject to CFP Board’s enforcement function.

Key changes include:

  • Allowing for the removal of public discipline from CFP Board’s website after the passage of time, which ordinarily will be between five and ten years from the date of the initial publication, when the discipline involved a public letter of admonition or suspension of one year or less and the Respondent has not engaged in other misconduct;
  • Expanding on the ways in which CFP Board may access information during the disciplinary process, including "on-the-record" examinations;
  • Clarifying who may review confidential information;
  • Clarifying the duty that a Respondent and a CFP® professional who is not a Respondent has to cooperate with CFP Board during an investigation;
  • Establishing an expedited process for complaints involving one bankruptcy that will allow a Respondent to accept a public censure and thereby avoid payment of a hearing fee;
  • Providing that a Respondent who is the subject of an adverse final determination by a civil court will be bound by that determination in a CFP Board proceeding;
  • Requiring a Respondent to obtain CFP Board staff’s agreement before presenting a settlement offer to the Disciplinary and Ethics Commission (DEC);
  • Placing a time limitation on when CFP Board staff may issue a Notice of Investigation, which ordinarily will be seven years after the alleged violation, subject to certain exceptions, and placing a limit on when CFP Board staff may issue a complaint after commencing an investigation; and
  • Clarifying the standard of review that applies to an appeal of a decision of the DEC to the Appeals Committee of the Board of Directors.

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Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call themselves a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.