BU - CFP Board Hearing Process

Question 1

CFP Board Counsel

Answer 1

has the authority to investigate and file a compliant against a respondent for alleged violation of the Code of Ethics and Standards of Conduct

Question 2

Disciplinary & Ethics Committee (DEC)

Answer 2

composed of the CFP professionals & members of the public has authority to issue a final order that finds facts, determines whether a violation has occurred and where appropriate, imposes discipline in the form of a sanction

Question 3

Hearing Panel

Answer 3

Conduct the hearing & consists of a least 3 persons (most must be CFP and majority must be DEC members)

DEC member must serve as Chair the Hearing Panel

Question 4

CFP Board Disciplinary Hearing Process

Answer 4

Question 5

Forms of Discipline - list from least to most severe

Answer 5

• Private Censure: An unpublished written reproach mailed by the DEC to a censured Respondent.
• Public Letter of Admonition: A written reproach of the Respondent’s behavior published in a press release.
• Suspension: Respondent is prohibited from using the CFP® certification marks, stating or suggesting that they are a CFP® professional, or holding out to the public as being certified by CFP Board. Minimum 90 days; Maximum 5 years.
• Revocation: The termination of a Respondent’s right to use the CFP® marks. Respondents are permanently barred from applying for or obtaining CFP® certification. - no opportunity for a settlement

Question 6

3 ways CFP Board can be made aware of violations

Answer 6

complaints from clients and other persons

self disclosure

staff discover

Complaints and staff discover always lead to investigations

Question 7

An interim suspension

Answer 7

is a suspension of a CFP® professional’s Certification and Trademark License during the pendency of proceedings.