CFP board distributes 51 sanctions to financial planners


Fifty-one professional or former financial planners have been sanctioned by the Chartered Financial Planner Standards Council for conduct ranging from client complaints to civil judgments to criminal matters, the council announced today.

The sanctions, which take effect immediately or on the date indicated in each case, include public censures, suspensions, temporary bans, permanent bans and revocations of the right to use CFP trademarks, the board said. of the PSC. Under the board’s disciplinary code, permanent bars apply to planners who do not currently hold the CFP mark, while revocations apply to CFP holders.

The CFP Board said last year it had stepped up its enforcement program and planned to conduct background checks on its 87,000+ professionals to spot potential misconduct that had not previously been reported. to the CFP Board. So far, he said he has completed background checks and initiated “historical investigations” into the conduct of 1,266 professionals.

More than three-quarters of the public sanctions announced today involve misconduct that may include regulatory actions, company terminations, customer complaints, arbitrations and civil litigation involving professional conduct, criminal matters, bankruptcy, civil judgments and tax liens, the board noted.

Of those sanctioned, six were censored, 13 received administrative suspension, six were suspended, eight were temporarily banned, five were banned, and 13’s rights to use CFP marks were revoked.

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