Comments Sought On CFP Board Disciplinary Rules
The Certified Financial Planner Board of Standards is requesting a second round of public comments on a revised set of rules that would govern financial planners who are disciplined by the board.
The proposed rules were released previously and some changes already have been made. The new set of comments is due by April 24.
Under the changes incorporated in the proposed rules, people who file complaints against certified financial planners would receive periodic notifications of the status of their complaints. In the event that multiple complaints were filed against a CFP professional, the burden of proof would be on him or her to prove innocence.
Also under the proposals, additional explanations would be provided by the board when posting notices of bankruptcies of CFP mark holders.
The new rules, which are expected to be in place by June 30, were developed to improve the process used in imposing disciplinary procedures against CFP professionals, the board said Tuesday. The comments will be posted on the CFP Board website,
By Karen DeMasters
March 24, 2020