CFP Board to Out Planners Who Go Bankrupt

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CFP Board to Out Planners Who Go Bankrupt

Apr 05, 2012

Highlighting such filings should help the public make more-informed decisions when choosing a financial planner, group says

Under current rules, a CFP[® professional] who has declared bankruptcy within the last five years is be subject to an investigation and potential disciplinary action, including suspension or revocation of the CFP® designation. A CFP[® professional] candidate with a bankruptcy is barred from applying until five years after the bankruptcy.

CFP [Board] officials said there is inequity in a situation where some CFP® mark holders avoid any kind of public notice of their financial difficulties, while CFP[® professional] applicants have to wait several more years before they can join the organization.

"We needed to come up with a procedure that is more fair to these two groups of people and provides more information to the public," Michael Shaw, the CFP Board's managing director for professional standards and legal, told reporters on a conference call. Read more >

Investment News
Mark Schoeff Jr.
April 5, 2012

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