Thoughts on CFP board actions and inactions

[Tony vin]

Read up on some disciplinary updates from the CFP Board soetime ago and noticed an uptick in public sanctions against certificants, a fair number of interim suspensions where tied to SEC and FINRA actions, I think it's a subtle reminder that the board's stepping up its enforcement visibility, more since the new code and standards went fully into effect, what stood out most was how many of these cases stem from outside regulatory findings, in a lot of the enforcement actions, the CFP Board didn't initiate the investigation, rather it responded after another agency dropped the hammer, I thought the board would have been more proactive than that
Also, with the expanded fiduciary duty language now covering more client interactions, it's surprising that we haven't seen more disciplinary actions tied strictly to board standards, without a trigger from the SEC or state regulators
What are your thoughts?

 

[Marriot_]

You're spot on buddy, it's clear the CFP Board's ramped up visibility, but still seems reactive. I expected more standalone enforcement under the new fiduciary standards, not just SEC follow-ups

 

[eternalenvy06]

You're spot on buddy, it's clear the CFP Board's ramped up visibility, but still seems reactive. I expected more standalone enforcement under the new fiduciary standards, not just SEC follow-ups

Agreed. And it actually felt like a lot of it just isn't relevant to the average middle-class American.