7.1 Complaint

An original Complaint shall be prepared by CFP Board Counsel and forwarded to the Respondent. Copies of the Complaint shall be included with the materials provided to the Hearing Panel in advance of the hearing. The Complaint shall reasonably set forth the grounds for discipline with which the Respondent is charged and the conduct or omission that gave rise to those charges.

7.2 Service of the Complaint

CFP Board Counsel shall promptly serve the Complaint upon the Respondent as provided in Article 18.2.

7.3 Answer

All Answers to Complaints shall be in writing. The Answer shall be submitted within 20 calendar days from the date of service of the Complaint on the Respondent. The Respondent shall file an original of such Answer with CFP Board. A copy of the Answer shall be included with the materials provided to the Hearing Panel in advance of the hearing. In the Answer, the Respondent shall respond to every material allegation contained in the Complaint. In addition, the Respondent shall set forth in the Answer any defenses or mitigating circumstances.

7.4 Default and Administrative Orders of Revocation

If the Respondent fails to file an Answer within the period provided by Article 7.3 or fails to pay the hearing costs assessed by CFP Board pursuant to Article 18.3, except in cases where CFP Board Counsel has granted a waiver due to financial hardship, such Respondent shall be deemed to be in default, and the allegations set forth in the Complaint shall be deemed admitted. In such circumstance, CFP Board Counsel shall serve upon the Respondent an Administrative Order of Revocation. Such orders shall state clearly and with reasonable particularity the grounds for the revocation of Respondent’s right to use the marks. These orders are subject to the Respondent’s right of appeal as outlined in Article 12.

7.5 Request for Appearance

Upon the filing of an Answer, the Respondent may request an appearance at the hearing before the Hearing Panel, at which the Respondent may present arguments, witnesses and evidence on his/her behalf. Alternatively, the Respondent may request a paper review in which the DEC will consider the Complaint and Answer as well as documents contained in CFP Board’s files to make its decision. Neither CFP Board Counsel nor Respondent will be permitted to make an appearance or present witnesses.

7.6 Request for Extension or Continuance

A Respondent may request an extension to answer the Complaint or a continuance of the hearing no later than within 20 calendar days from the date of service of the Complaint. Upon receipt of the request, CFP Board Counsel shall either grant or deny all requests for extension and continuances. Extensions and/or continuances are generally disfavored by CFP Board Counsel. CFP Board Counsel may, however, grant reasonable requests for extensions and continuances, as deemed appropriate. CFP Board Counsel shall not grant any extension to file an Answer to the Complaint longer than 14 calendar days. CFP Board Counsel shall not grant more than one continuance. If more than one continuance is requested, the matter shall proceed to the DEC for review of the hearing materials without appearances by CFP Board or the Respondent.

Article 8: Discovery And Evidence

Related Articles
  1. Financial Advisor

    Hiring a Financial Advisor? Look for the CFP Label

    Don’t skimp on the CFP designation. Here's why those three letters show that someone is qualified in financial and investment planning.
  2. Financial Advisor

    The CFP Board: Its Role and Mission

    The Certified Financial Planner Board of Standards promotes standards and ethics in financial planning and enforces CFP certification requirements.
  3. Investing

    When, Why And How To File A Complaint With The CFPB

    When the employees you interact with at your bank, credit card company, mortgage lender or other financial institution seem incapable of or unwilling to resolve your complaint, the Consumer Financial ...
  4. Financial Advisor

    Three Surefire Ways to Lose Your CFP Designation

    The CFP Board of Standards regularly disciplines advisors for sidestepping the rules. Here are three recent examples to learn from.
  5. Financial Advisor

    CFP Board Can Now Publicize Arbitration Results

    Starting in September the CFP Board will have the option of making public the results of arbitration disputes.
  6. Financial Advisor

    The Best Training Programs For CFP Exams

    The competition to become a financial planner is hot, and growing hotter. Find out the best way to preparing to land the CFP designation.
  7. Personal Finance

    Seeking a Financial Advisor? You Probably Need a CFP

    In the financial world, the certified financial planner has come to represent a distinguished mark of training and ethics for those seeking an advisor.
  8. Financial Advisor

    The Top 3 Financial Advisor Credentials

    An overview of the top three credentials for financial advisors and what they require.
  9. Financial Advisor

    Why Consumers are Skeptical of Financial Advisors

    Advisors find themselves facing major obstacles when it comes to gaining their clients’ trust. Here's why.
  10. Small Business

    Wall Street: Where The Customer Is Always Wrong

    In the financial industry, there's not much emphasis placed on dealing with customer complaints, but there should be.
Frequently Asked Questions
  1. Depreciation Can Shield Taxes, Bolster Cash Flow

    Depreciation can be used as a tax-deductible expense to reduce tax costs, bolstering cash flow
  2. What schools did Warren Buffett attend on his way to getting his science and economics degrees?

    Learn how Warren Buffett became so successful through his attendance at multiple prestigious schools and his real-world experiences.
  3. How many attempts at each CFA exam is a candidate permitted?

    The CFA Institute allows an individual an unlimited amount of attempts at each examination.Although you can attempt the examination ...
  4. What's the average salary of a market research analyst?

    Learn about average stock market analyst salaries in the U.S. and different factors that affect salaries and overall levels ...
Trading Center