New Resources and Safeguards to Ensure Fair, Objective and Transparent Process
WASHINGTON, DC – March 12, 2008 - Certified Financial Planner Board of Standards, Inc. (CFP Board), in a unanimous decision by its Board of Directors, has adopted new governance policies related to the oversight of its Disciplinary and Ethics Commission (Commission), the body that administers disciplinary hearings. The new policies increase safeguards to the public through clear accountability, increased transparency and public representation on the Commission.
“These governance changes incorporate best practices of the sort CFP Board introduced in the strengthened ethical standards for CFP® professionals that take effect in July 2008,” said David G. Strege, CFP®, Chair of CFP Board’s Board of Directors. “They are based on extensive and thoughtful examination of best practices of corporate governance and of professional review processes inside and outside the financial services industry. Without compromising the integrity and autonomy of CFP Board's long standing disciplinary process, we have strengthened our procedures to ensure certificants and their clients have access to a fair, objective and consistent professional review process.”
Hearing Panels will continue to deliberate autonomously, and CFP Board staff counsel will be available to offer the Commission guidance on CFP Board’s disciplinary procedures and on possible interpretation of the ethical standards for CFP® professionals. CFP Board has also retained independent legal counsel to act in an advisory role to its Appeals Committee, the body that reviews challenges to Commission decisions.
“The additional support the dedicated volunteers on the Commission will receive from staff as a result of the new policies should have immediate benefits for CFP Board’s professional review process and the members of the Commission,” said Daniel J. Candura, CFP®, former Chair of the Board of Professional Review who currently serves on the Board of Directors. “The addition of public representation on the Commission will create greater accountability and transparency at a time when Americans increasingly rely on financial planners to help plan for their financial security.”
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 personal financial planning. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered 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 more than 57,000 individuals to use these marks in the United States.
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CFP® - The Recognized Standard of Excellence in Personal Financial Planning
Chris Wloszczyna, Director of Public Relations