CFP Board Announces Independent Task Force to Strengthen and Modernize Enforcement
Code of Ethics and Standards of Conduct
The Board of Directors of the Certified Financial Planner Board of Standards today announced the creation of an independent task force to examine and modernize its enforcement practices.
Denise Voigt Crawford – a securities consultant and former 17-year Texas Securities Commissioner who currently serves on CFP Board’s Board of Directors as a public member – will chair the task force.
Susan John, CFP® and Chair of CFP Board’s Board of Directors said the Board will provide Ms. Crawford and the task force the resources it needs for its work. Ms. Crawford will also have full authority to appoint members of the task force.
“Our ethical and competency standards give meaning to CFP® certification, making it the pre-eminent financial services certification for the public, advisors and their firms,” said John. “Along with our high competency and ethical standards comes the need for an equally robust enforcement program. We look forward to receiving the task force’s actionable recommendations, which will strengthen the value of CFP® certification.”
The group will be looking at, among other factors, some important issues raised by a Wall Street Journal article concerning enforcement of CFP® certification and the search function of our consumer-facing website, LetsMakeaPlan.org. More about our response to the article can be found in our public statement.
Importantly, in addition to reviewing changes in our process currently underway, CFP Board has taken immediate steps to improve its enforcement processes and consumer website including:
- No longer solely relying on self-disclosure of CFP® professionals;
- Checking FINRA’s BrokerCheck and the SEC’s IAPD each time a CFP® professional renews; and
- Providing consumers access to BrokerCheck and IAPD information on LetsMakeaPlan.org and CFP.net/verify.
As CFP Board’s new Code of Ethics and Standards of Conduct goes into effect on October 1, 2019, it will continue to evolve its enforcement efforts to support the standards we’re setting for the benefit of the public.
“I applaud the Board of Directors leadership in taking this important step and I look forward to executing recommendations from the task force and Board” said Kevin Keller, Chief Executive Officer of CFP Board. “In the meantime, we will continue to adopt measures that strengthen our enforcement program so that all Americans can have the confidence and security that comes from working with a CFP® professional.”
Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public’s awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms and consumer groups as the standard for financial planning, CFP® certification is held by more than 83,000 people in the United States.
Dan Drummond, Director of Communications