CFP
Financial Planning: Process and Rules - Disciplinary Rules and Procedures
ARTICLE 1: INTRODUCTION
Certified Financial Planner Board of Standards Inc. (CFP Board) has adopted a Code of Ethics and Professional Responsibility (Code of Ethics) and Financial Planning Practice Standards (Practice Standards) which establish the expected level of professional conduct and practice for CFP Board designees. The Code of Ethics and Practice Standards may be amended from time to time, with revisions submitted to the public for comment before final adoption by CFP Board. To promote and maintain the integrity of its , CFP® and CERTIFIED FINANCIAL PLANNER™ certification marks for the benefit of the clients and potential clients of CFP Board designees, CFP Board has the ability to enforce the provisions of the Code of Ethics and Practice Standards. Adherence to the Code of Ethics by CFP Board designees or to Practice Standards by CFP® practitioners is required, with the potential for CFP Board sanctions against those who violate the regulations proscribed in these documents. CFP Board will follow the disciplinary rules and procedures set forth below when enforcing the Code of Ethics and Practice Standards.
ARTICLE 2: BOARD OF PROFESSIONAL REVIEW
Certified Financial Planner Board of Standards Inc. (CFP Board) has adopted a Code of Ethics and Professional Responsibility (Code of Ethics) and Financial Planning Practice Standards (Practice Standards) which establish the expected level of professional conduct and practice for CFP Board designees. The Code of Ethics and Practice Standards may be amended from time to time, with revisions submitted to the public for comment before final adoption by CFP Board. To promote and maintain the integrity of its , CFP® and CERTIFIED FINANCIAL PLANNER™ certification marks for the benefit of the clients and potential clients of CFP Board designees, CFP Board has the ability to enforce the provisions of the Code of Ethics and Practice Standards. Adherence to the Code of Ethics by CFP Board designees or to Practice Standards by CFP® practitioners is required, with the potential for CFP Board sanctions against those who violate the regulations proscribed in these documents. CFP Board will follow the disciplinary rules and procedures set forth below when enforcing the Code of Ethics and Practice Standards.
ARTICLE 2: BOARD OF PROFESSIONAL REVIEW
2.1 Function and Jurisdiction of the Disciplinary and Ethics Commission
CFP Board's Disciplinary and Ethics Commission (referred to herein as the "Board"), formed pursuant to and governed by the bylaws of CFP Board, is charged with the duty of investigating, reviewing and taking appropriate action with respect to alleged violations of the Code of Ethics and alleged non-compliance with the Practice Standards as promulgated by CFP Board's Board of Directors, and shall have original jurisdiction over all such disciplinary matters and procedures.
2.2 Powers and Duties of the Board
The Board shall be authorized and empowered to:
(a) Enlist the assistance of CFP certificants to assist with investigations, or serve temporarily on a Hearing Panel;
(b) Periodically report to CFP Board's Board of Directors on the operation of the Board;
(c) Adopt amendments to these Disciplinary Rules and Procedures, subject to review and approval of CFP Board's Board of Directors; and
(d) Adopt such other rules or procedures as may be necessary or appropriate to govern the internal operations of the Board.
2.3 Hearing Panel
The Hearing Panel may consist of members of the Board who have been designated Hearing Panel members, enlisted CFP certificants and up to one individual who is not a CFP certificant. A Panel shall consist of at least three persons. At least one member of every Hearing Panel shall be a member of the Board and at least two members of every Hearing Panel shall be CFP certificants. One member of each Hearing Panel shall serve as Chair of that hearing. The Chair shall rule on all motions, objections and other matters presented in the course of the hearing and must be a voting member of the Disciplinary and Ethics Commission.
2.4 Disqualification
Board members shall refrain from participating in any proceeding in which they, a member of their immediate family or a member of their firm have any interest or where such participation otherwise would involve a conflict of interest or the appearance of impropriety.
2.5 Staff Counsel
CFP Board Staff Counsel may be either full- or part-time employees of CFP Board or may be non-employees who are attorneys. It will be the duty of CFP Board and CFP Board Staff Counsel to maintain an office in the Denver metropolitan area (or such other location as approved by CFP Board's Board of Directors) to serve as a central office for the filing of requests for the investigation of CFP Board designee conduct, for the coordination of such investigations, for the administration of all disciplinary enforcement proceedings carried out pursuant to these Procedures, for the prosecution of charges of wrongdoing against CFP Board designees pursuant to these Procedures and for the performance of such other duties as are designated by the Board or the Chief Executive Officer of CFP Board. CFP Board Staff Counsel shall be under the day-to-day supervision of the Chief Executive Officer of CFP Board, but shall have ultimate responsibility to the Board.
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