Transcript Topic 78.pptx

CFP Board’s Disciplinary Rules and Procedures
Topic 78: CFP Board’s Disciplinary
Rules and Procedures
 Learning Objectives
 Identify the grounds for disciplining of CFP®
professionals.
 Explain the disciplinary procedures employed by the
CFP Board.
 Distinguish between the disciplinary actions that can be
taken by the CFP Board.
Topic 78: CFP Board’s Disciplinary
Rules and Procedures
 Disciplinary Rules and Procedures
 Candidate vs. registrant
 Fitness standards for candidates and registrants
 Disciplinary and Ethics Commission (DEC)
 Grounds for discipline by CFP Board
 Forms of discipline by CFP Board
 Complaint and investigation procedure by CFP Board
 Reporting conviction of a crime
Topic 78: Candidate vs. Registrant
 Candidate
 Person who has applied to CFP Board to take the CFP®
Certification Examination, but who has not yet met all of CFP
Board’s certification requirements
 Registrant
 Individuals who are not currently certified but have been
certified by CFP Board in the past
 Includes individuals who have relinquished their certification
and are eligible for reinstatement without being required to
pass the current CFP® Certification Examination
 Conduct at issue occurred at a time when the registrant was
certified
Topic 78: Fitness Standards for
Candidates and Registrants
 Standards apply to both Candidates for CFP®
certification and Registrants
 Conduct deemed unacceptable will always bar an
individual from becoming certified
 Conduct deemed a presumptive bar from certification
will bar an individual from becoming certified unless
they petition the DEC for consideration and the DEC
grants their petition
Topic 78: Disciplinary and Ethics
Commission
 CFP Board CEO appoints the Disciplinary and Ethics
Commission (DEC or Commission)
 The DEC enjoins a Hearing Panel when offenses warrant
investigation
 The Hearing Panel consists of 3 people

At least 2 of the 3 will be CFP® certificants
 CFP Board Counsel refers to the attorney who presents
the case to the Hearing Panel
 CFP Advisory Counsel refers to the attorney who advises
the Hearing Panel and DEC
Topic 78: Grounds for Discipline by
CFP Board
 Any act or omission that:
 Violates the Code
 Fails to comply with the Practice Standards
 Is a crime
 Is an infraction that is the proper basis for professional
suspension
 Is undue failure to respond to a request by the Board
 Is an attempt to obstruct the Board or Panel in the
performance of its duties
 Provides false or misleading statement to the Board
Topic 78: Forms of Discipline by
CFP Board
 Matter may be dismissed without merit or cautionary letter
issued
 Private Censure
 Public Letter of Admonition
 Public notification may be withheld under mitigating
conditions
 Suspension
 May be reinstated if previously a CFP® certificant
 May become eligible for certification if a candidate
 Revocation
 Never eligible to be reinstated as a CFP® certificant
 Never will become eligible for certification if a candidate
Topic 78: Complaint and Investigation
Procedure by CFP Board
 Complaint comes to CFP Board
 CFP Counsel feels situation warrants investigation
 Issue goes to the DEC
 The DEC enjoins the Hearing Panel
 The Hearing Panel makes recommendation to the DEC
 The DEC accepts, rejects or modifies recommendations
 DEC issues decision
 Individual has 30 days to appeal decision
Topic 78: Reporting Conviction of a
Crime
 Certificant must report a conviction of a crime within
30 calendar days
 Traffic ticket need not be reported unless alcohol
and/or drugs are involved
 Conviction of a serious crime or professional
suspension results in immediate suspension
 Serious crime is any felony, a misdemeanor with
financial ramifications or the intent to commit a serious
crime
Topic 78: Reporting a Change of
Contact Information
 Changes in certificant contact information must be
reported to CFP Board within 45 days
 Changes include, but are not limited to:



Email
Physical address
Telephone number