CFP Board Takes Step to Enhance Accountability and Transparency of Public Sanctions

CFP Board today announced a significant development in its work to uphold the Code of Ethics and Standards of Conduct (Code and Standards) for CFP® professionals: When CFP Board issues a public sanction news release, CFP Board will also publish the Disciplinary and Ethics Commission (DEC) orders imposing the public sanctions.

Access to DEC orders provides relevant details about cases resulting in a public sanction. These details give CFP® professionals, clients and the public more insight into the DEC’s decision and the specific circumstances of the case.

“Publishing these orders enhances transparency and builds trust,” said CFP Board Chair Dan Moisand, CFP®. “This move aligns with our commitment to elevate the financial planning profession, promoting professional accountability similar to other standards bodies such as medical boards, accountancy boards and attorney disciplinary bodies.”

The new publication practice takes effect immediately. In a continuation of its previous process, CFP Board will not publish firm names or the names of other individuals when issuing public sanctions. CFP Board previously issued news releases summarizing DEC orders for public sanctions. More detailed redacted DEC orders were available through the “Anonymous Case Histories” database. Now, CFP Board will enhance this process by publishing full DEC orders and staff-issued Administrative Orders that issue public sanctions. These orders will be accessible in both a searchable “Case Histories” database that includes previously issued anonymous Case Histories and in news releases announcing recent public sanctions. Orders issuing public sanctions will also be available directly from publicly sanctioned individuals’ profiles in CFP Board’s Verify a CFP® Professional and Find Your CFP® Professional tools.

“These changes reflect CFP Board’s dedication to maintaining CFP® certification as the standard for competent and ethical financial planning,” said CFP Board CEO Kevin R. Keller, CAE. “CFP Board is committed to maintaining an enforcement process that is credible to the public and fair to those whose conduct is being evaluated. By increasing transparency and accountability, CFP Board is taking an important step to boost the public’s trust and confidence in the profession.”

CFP Board will continue to publish DEC orders issuing private sanctions or dismissals or orders that grant Petitions for Fitness Determination or Reinstatement as Anonymous Case Histories. These outcomes are not considered public sanctions and, therefore, are not summarized in news releases or made accessible from the Verify a CFP® Professional or Find Your CFP® Professional tools.