Procedural Rules

the Procedural Rules

CFP Board is a non-profit organization that has established high standards of competency and ethics for personal financial planners for the benefit of the public. CFP Board enforces its standards through a peer-review process set forth in these Procedural Rules that is credible to the public and fair to those whose conduct CFP Board is evaluating. The process includes written notice of the allegations and potential grounds for sanction, an opportunity to present documents, witnesses, and argument at a hearing, and a written order that sets forth the basis for the decision that may be appealed within CFP Board. The parties to a proceeding also have the right to be represented by counsel of their choice.

CFP Board applies these Procedural Rules to any person who has agreed to CFP Board’s Terms and Conditions of Certification and Trademark License (the “Terms and Conditions”) or Pathway to CFP® Certification Agreement. CFP Board refers to such an individual as “Respondent” or, in the event of an appeal, as either “Appellant” or “Appellee,” depending on who initiates the appeal.

CFP Board Enforcement Counsel (“Enforcement Counsel,” a term, as used in the Procedural Rules, that includes individuals who are operating at the direction of Enforcement Counsel) has the authority to investigate and file a Complaint against a Respondent for alleged violations of (a) the Code of Ethics and Standards of Conduct or, where applicable, its predecessors, including the Standards of Professional Conduct (“Code and Standards”), (b) the Pathway to CFP® Certification Agreement, or (c) the Terms and Conditions. CFP Board’s Disciplinary and Ethics Commission (the “DEC”), which is a peer-review body composed of CFP® professionals and members of the public, has the authority to issue a final order that finds facts, determines whether a violation has occurred and, where appropriate, imposes discipline in the form of a sanction. Such a sanction may include, but is not limited to, a private censure, a private notice, a public censure, a public notice, a suspension or revocation of a CFP® professional’s Certification and Trademark License to use the CFP Board Certification Marks, or a temporary or permanent bar on Respondent’s ability to obtain CFP® certification. CFP Board will publish decisions imposing public sanctions in a press release and on CFP Board’s website in accordance with these Procedural Rules.

Enforcement Counsel also has the authority to investigate a Respondent (identified as an “Applicant” in CFP Board’s Fitness Standards) who is applying for CFP® certification. Enforcement Counsel must require a Respondent to file a petition for order finding ethical Fitness (“Petition for Fitness”) in accordance with the Fitness Standards. In certain circumstances, a Respondent who is subject to an order of suspension may file a Petition for Reinstatement. The DEC has the authority to issue a final DEC order that resolves a Petition.

The DEC, Hearing Panels, Settlement Review Panels, and counsel for the DEC (“DEC Counsel,” a term, as used in the Procedural Rules, that includes individuals who are operating at the direction of DEC Counsel) have the authority set forth in these Procedural Rules. The DEC has broad authority to issue orders that decide Complaints and Petitions and that control the conduct of the proceedings. Hearing Panels and Settlement Review Panels have authority to make recommendations to the DEC. DEC Counsel has authority to (a) provide legal counsel to the DEC, Hearing Panels, and Settlement Review Panels, (b) decide Motions, and (c) facilitate hearings.

Except where these Procedural Rules otherwise specify, Respondent or CFP Board Appellate Counsel (“Appellate Counsel,” a term as used in the Procedural Rules that includes individuals operating at the direction of Appellate Counsel) may appeal a final DEC order to CFP Board’s Appeals Commission. The Appeals Commission is a peer-review body composed of CFP® professionals and members of the public and has the authority to issue CFP Board’s final decision. The Appeals Commission and counsel for the Appeals Commission (“Appeals Commission Counsel,” a term, as used in the Procedural Rules, that includes individuals who are operating at the direction of Appeals Commission Counsel) have the authority set forth in these Procedural Rules. The Appeals Commission has broad authority to issue orders that decide Appeals and that control the conduct of the appeal proceedings. Appeals Commission Counsel has authority to provide legal counsel to the Appeals Commission.

Amendments to the Procedural Rules

The Procedural Rules may be amended from time to time. CFP Board will publish for comment any material changes to the Procedural Rules prior to implementation.