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Industry Spotlight > RIAs

CFP Board Seeks Comments on Sanction Guidelines

By Melanie Waddell

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The Certified Financial Planner (CFP) Board of Standards announced Tuesday that it was seeking comments on its proposed sanction guidelines and the Appeals Committee Board of Directors, which considers appeals put forth by the CFP Board’s Disciplinary and Ethics Commission.

CFP Board LogoThe sanction guidelines assist the Disciplinary and Ethics Commission, the group charged with conducting disciplinary hearings in accordance with CFP Board’s Disciplinary Rules and Procedures, in maintaining consistency regarding the imposition of sanctions. The proposed guidelines would also be used by the Appeals Committee of the Board of Directors, which considers appeals of Commission decisions, CFP Board says.

Comments must be sent to the CFP Board by May 23.

In cases where violations are found, CFP Board may impose discipline ranging from a private letter of censure or public admonition to suspension or revocation of the right to use the CFP mark. The sanction guidelines, which the CFP Board says can be modified from time to time, include such areas as bankruptcies, books and records violations, breach of contract, breach of fiduciary duty, conflict of interest, continuing education violations and diligence.

CFP Board’s enforcement process includes written notice to individuals under investigation, the opportunity to respond to the matters under investigation, the opportunity to appear at a hearing to address allegations of misconduct, the right to be represented by legal counsel and introduce witnesses and evidence, and the right to appeal decisions involving discipline.

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