CFP Board Seeks Additional Comments on Proposed Revised Code of Ethics and Standards of Conduct; Sets Intended Effective Date
Certified Financial Planner Board of Standards, Inc. today announced that it will issue for public comment a second draft of proposed revisions to its Code of Ethics and Standards of Conduct, which set forth the ethical standards for CFP® professionals.
The Board of Directors made the decision at its November meeting after reviewing input provided on the original draft that was issued on June 20. There were more than 1,300 public comments submitted to CFP Board by the time the initial period closed on August 21.
The Commission on Standards and Board of Directors made changes to the original draft of the revised Code and Standards in response to the comments received by individuals, organizations and firms. Both the Commission and Board considered the thoughtful and constructive feedback it received, which included recommendations for another round of public comment on the proposed changes.
The second comment period will last 30 days, beginning on Tuesday, January 2, 2018 and ending on Friday, February 2, 2018.
CFP Board will release a revised version of the proposed Code and Standards before the end of 2017. An annotated version and side-by-side comparison document also will be issued at that time.
In addition to the second comment period, the Board of Directors announced that it intends to issue the final Code and Standards before the end of the first quarter of 2018. Pending the outcome of the second comment period, CFP Board intends for the final Code and Standards to have an effective date of January 1, 2019.
“CFP Board’s Standards are the foundation of the CFP® certification and the cornerstone of the financial planning profession. As such, they need to evolve with an ever-changing financial services marketplace,” said Board of Directors Chair Blaine Aikin, CFP®. “This additional feedback will further increase the value and relevance of the CFP® certification – for those who hold the mark and the consumers who rely on CFP® professionals to provide ethical and competent financial advice.”
The public can read the current draft of the proposed Standards at www.CFP.net/proposed-standards. This version does not include the changes that will be the subject of the upcoming comment period.