WASHINGTON, Dec. 16, 2015 /PRNewswire-USNewswire/ -- Certified Financial Planner Board of Standards, Inc. today announced the formation of a Commission on Standards to review and recommend to CFP Board's Board of Directors proposed changes to CFP Board's Standards of Professional Conduct.
"CFP Board's professional standards are at the core of CFP® certification. These standards separate CFP Board from other financial services designations and instill trust and confidence among the public," said Board of Directors Chair Richard P. Rojeck, CFP®. "This review by the Commission, conducted after CFP Board receives input from the public, and finalized only after stakeholders have had an ample opportunity to comment on the proposed changes, will ensure that CFP Board's standards continue to be the benchmark for excellence in financial planning."
The Commission is charged with reviewing and making recommendations that are in keeping with CFP Board's mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical financial planning.
The Commission is made up of CFP® professionals and others in the financial services industry who operate under diverse business models, regulatory experts, a consumer advocate and a representative of the public. The Commission will be chaired by the immediate past Chair of CFP Board's Board of Directors, Ray Ferrara, CFP®.
"CFP Board's Standards of Professional Conduct are the ethical foundation for CFP® certification. A periodic review of the Standards is essential to maintain the value, integrity and relevance of the certification," said Chief Executive Officer Kevin R. Keller. "We appreciate the work the Commission will be undertaking and the input we will gain from stakeholders and members of the public."
To assist in the Commission's decision-making, CFP Board will hold public forums in the first quarter of 2016 to seek input from CFP® professionals representing various business and compensations models, financial services firms and organizations and members of the public.
The four sections of the Standards of Professional Conduct that the Commission will review include the Terminology, Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.
CFP Board has established the following process to guide the Commission in conducting its work:
- The Commission will hold a series of public forums in various locations across the United States in January and February 2016. Those dates and cities are:
January 27-29 -- Philadelphia (1/27), New York (1/28), and Boston (1/29)
February 17-19 -- Miami (2/17), Houston (2/18), Chicago (2/19)
February 24-26 -- Los Angeles (2/24), San Francisco (2/25), Denver (2/26)
- After this set of public forums, the Commission will meet to review the initial input from the public and begin the process of determining what modifications they will recommend be made to the four sections of the Standards of Professional Conduct that are under review.
- Once the Commission's review concludes, it will make recommendations to the Board of Directors.
- The Board will finalize and publish the proposed changes, and request public comment.
- The Commission will then review and consider the public comments and revise its recommendations to the Board of Directors, as appropriate. If necessary, CFP Board will submit the proposed changes for further public comment.
- The Board will finalize and publish the revised Standards of Professional Conduct with the date they will become effective.
ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes nearly 73,000 individuals to use these marks in the U.S.
SOURCE Certified Financial Planner Board of Standards, Inc.