Certified Financial Planner Board of Standards Inc.

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Complaint Procedures

Disciplinary Procedures

Common Questions

Submit a Complaint

Disciplinary Actions

Disciplinary Statistics

Code of Ethics

Practice Standards

Disciplinary Procedures

Disciplinary Process and Procedures

The disciplinary procedures of CFP Board have been devised to ensure a fair and reasonable process for a CERTIFIED FINANCIAL PLANNER™ professional against whom allegations of Code of Ethics violations and/or Practice Standards non-compliance are brought.

Request for Investigation - Upon receipt of a written complaint, CFP Board Counsel reviews the allegations to determine if further investigation is warranted.
Investigation - If CFP Board Counsel determines to proceed with an investigation a CERTIFIED FINANCIAL PLANNER™ professional is given written notice of the investigation, which contains the general nature of the allegations. The CERTIFIED FINANCIAL PLANNER™ professional is given 30 days within which to file a written response. If no response is received within the allotted 30 days a formal complaint is issued and the case is presented to a hearing panel.
Probable Cause Determination - CFP Board Counsel determines if there is probable cause to believe grounds for discipline exist. If so, staff will issue a formal complaint against the CERTIFIED FINANCIAL PLANNER™ professional and a notice of hearing. The complaint contains the specific allegations of misconduct and the potential Code of Ethics and/or Practice Standards violations. The CERTIFIED FINANCIAL PLANNER™ professional has 20 days from the date of receipt of the complaint to file a written answer. If no answer is received, the allegations in the complaint are deemed admitted and the CERTIFIED FINANCIAL PLANNER™ professional's right to use the CFP® certification marks is administratively revoked.
Hearing Panel - When a formal complaint is filed, a hearing takes place before a panel of a minimum of three individuals. At least one member of every hearing panel is a member of the Disciplinary and Ethics Commission (formerly Board of Professional Review), and at least two members must be CERTIFIED FINANCIAL PLANNER™ professionals. The respondent is entitled to appear in person or telephonically, to be represented by counsel at the hearing, to cross-examine witnesses and to present evidence on his or her behalf.
Disciplinary and Ethics Commission - The hearing panel submits its findings for review to the full Disciplinary and Ethics Commission which, after considering all the facts and recommendations, renders a final decision.
Appeals Committee - If a CERTIFIED FINANCIAL PLANNER™ professional is aggrieved by the decision of the Disciplinary and Ethics Commission, a CERTIFIED FINANCIAL PLANNER™ professional has the right to petition the decision to the Appeals Committee (formerly Board of Appeals). The Appeals Committee is composed of up to four members of the Board of Directors (formerly Board of Governors), at least two of whom are first year members of the Board. Members of the Appeals Committee may not be members of the Disciplinary and Ethics Commission.

Forms of Discipline

If grounds for discipline have been established, the Disciplinary and Ethics Commission may impose any of the forms of discipline below. All disciplinary actions, except private written censure, may be publicly disseminated.

a private written censure
a public letter of admonition
suspension of the right to use the CFP® marks for a specified period of time, not to exceed five years
permanent revocation of the right to use the CFP® marks.

Grounds for Discipline

Misconduct by a CERTIFIED FINANCIAL PLANNER™ professional, including the following acts or omissions, constitutes grounds for discipline, whether or not the misconduct occurred in the course of a client relationship:

any act or omission which violates the provisions of CFP Board's Code of Ethics and Professional Responsibility (Code of Ethics)
any act or omission which fails to comply with CFP Board's Financial Planning Practice Standards
any act or omission which violates the criminal laws of any state or of the U.S.
any act which is the proper basis for suspension of a professional license
any act or omission which violates CFP Board's Disciplinary Rules & Procedures
failure to respond to a request by the Disciplinary and Ethics Commission without good cause
obstruction of the Disciplinary and Ethics Commission's performance of its duties
any false or misleading statement made to CFP Board

This list is not exclusive, and there may be other acts or omissions amounting to unprofessional conduct, which may also constitute grounds for discipline.