CFP
Financial Planning: Process and Rules - Article 4: Forms Of Discipline
In cases where no grounds for discipline have been established, the Board may dismiss the matter as either without merit or with a cautionary letter. In all cases, the Board has the right to require CFP Board designees to complete additional continuing education or other remedial work. Such continuing education or remedial work may be ordered instead of, or in addition to, any discipline listed below. Where grounds for discipline have been established, any of the following forms of discipline may be imposed in these cases where grounds for discipline have been established.
4.1 Private Censure
The Board may order private censure of a CFP Board designee which shall be an unpublished written reproach mailed by the Board to a censured CFP Board designee.
4.2 Public Letter of Admonition
The Board may order that a Letter of Admonition be issued against a CFP Board designee, which shall be a publishable written reproach of the CFP Board designee's behavior. It shall be standard procedure to publish the Letter of Admonition in a press release or in such other form of publicity selected by the Board. In some cases when the Board determines that there are mitigating circumstances, it may decide to withhold public notification.
4.3 Suspension
The Board may order suspension for a specified period of time, not to exceed five (5) years, for those individuals it deems can be rehabilitated. In the event of a suspension, it shall be standard procedure to publish the fact of the suspension together with identification of CFP Board designee in a press release, or in such other form of publicity, as selected by the Board. In some cases when the Board determines that there are extreme mitigating circumstances it may decide to withhold public notification. CFP Board designees receiving a suspension may qualify for reinstatement to use the marks as provided in Article 15.
4.4 Revocation
The Board may order permanent revocation of a CFP Board designee's right to use the marks. In the event of a permanent revocation it shall be standard procedure to publish the fact of the revocation together with identification of the CFP Board designee in a press release, or in such other form of publicity, as selected by the Board. In some cases when the Board determines that there are extreme mitigating circumstances it may decide to withhold public notification. Revocation shall be permanent.
4.5 Forms of Discipline Concerning Candidates
Under certain circumstances, the Board may take action in matters involving the conduct of candidates for CFP® certification. Action that may be taken in these cases, where grounds have been established, correspond in character and degree to the four forms of discipline described in Articles 4.1 through 4.4 above, and are correspondingly as follows:
(a) Subject to the candidate's meeting all other requirements of certification, certification, if any, of the candidate with a private censure in the candidate's record in the form stated;
(b) Subject to the candidate's meeting all other requirements of certification, certification, if any, of the candidate with issuance of a Letter of Admonition, published as applicable, and in the candidate's record in the form stated;
(c) Certification, if any, suspended for a specified period, not to exceed five (5) years;
(d) Certification, if any, denied.
In the event of either a suspension or a denial of certification, the fact of such suspension or denial shall be publishable at the discretion of the Board. A candidate for the CFP certification who has been the subject of an order to suspend certification may seek to reapply for certification according to the same procedures in Article 15.2. Such candidates, in addition, shall meet the requirements of original certification.
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