CFP Board Requests Comment on Revised Sanction Guidelines and Fitness Standards

The public has until December 3 to submit responses.


Illustration by RIA Intel

The Certified Financial Planner Board of Standards, the group in charge of wealth management’s most popular designation, has published proposed revisions to its Sanction Guidelines and Fitness Standards and is asking for public comments.

The deadline to submit comments is December 3, 2023. Comments should be submitted through the CFP survey platform. After the deadline, all comments submitted to the CFP Board will be posted on the organization’s website.

Public comments and proposed changes will be considered by the CFP Board of Directors during its March 2024 meeting.

In February 2021, the CFP Board established a commission on sanctions and fitness to conduct a comprehensive review of the current guidelines and fitness standards.

The proposal contains several elements that affect advisors.

It has a new list of 25 general aggravating and mitigating factors that affect sanctions as well as an expanded list of these factors tied to specific conduct categories. The proposal also has a revised framework for evaluating fitness, including identifying applicants who are permanently barred from or ineligible to seek CFP certification.

The annotated version of the proposed revisions to the Sanction Guidelines can be found here, and the annotated proposed Fitness Standards can be found here.

The CFP Board encourages members of the public to submit their input on the proposed revisions.

“We believe the proposed revisions to the Sanction Guidelines and Fitness Standards benefit public trust when working with a CFP professional, advance the profession for those who uphold the standards, and promote confidence in the ethical and competence standards of CFP certification. Public comment periods offer an opportunity for you to give us feedback, and we welcome your perspective,” CFP Board CEO Kevin R. Keller said in a statement.

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