Notice Regarding Bankruptcy Standard and Procedures

CFP Board has revised the standard and procedures for addressing a personal or business bankruptcy filing by a CFP^® professional or an individual seeking CFP^® certification, including three important changes:

1. A bankruptcy is grounds for sanction and public censure unless the CFP^® professional can rebut the presumption that the bankruptcy demonstrates an inability to manage responsibly the CFP^® professional’s or the business’s financial affairs.  The Sanction Guideline for one bankruptcy is a Public Censure.
2. CFP Board will use a streamlined adjudication procedure to determine whether a single bankruptcy reflects adversely on a CFP^® professional’s integrity or fitness, upon the CFP^® marks, or upon the profession.
3. A CFP^® professional is required (a) to inform the Client of the existence of any bankruptcy and (b) to report a bankruptcy filing to CFP Board within 30 calendar days.

CFP Board’s Code of Ethics and Standards of Conduct and Procedural Rules set forth the revised bankruptcy standards and procedures.

Read the Notice Regarding Bankruptcy Standard and Procedures