CFP Board Actions on the Uptick

by Cosgrove Law Group, LLC

According to the Certified Financial Planner’s website, the CFP Board opened 1,472 disciplinary cases in 2010. This is over 100 more than they opened in 2010 and the most cases opened in a single year since 2004. While a difficult economy increases complaints customers file against their financial professionals, which is one action which may prompt the CFP to open a case, the increase in opened cases should not be ignored. The CFP Board’s professional standards department is responsible for reviewing all possible violations of the CFP’s standards of professional conduct. The CFP Board issued suspensions, revocations, and letters of admonition, among other actions against individuals using the CFP mark in 2010.

Being investigated by the CFP can be a lengthy and burdensome process. The CFP member being investigated probably has their own side of the story he or she wants to be considered during the investigation. If you or someone you know is being investigated by the CFP, please consider calling us at Cosgrove Law, LLC. We would be happy to offer you a meaningful consultation and to discuss how we may be able to assist you.