In an effort to strengthen the CFP designation, the CFP Board has created a position to investigate infractions of the CFP’s Standards of Professional Conduct. Rex Staples, a former North American Securities Administrators Association (NASAA) head of enforcement and compliance, will occupy the new director of investigations position.
Investors have become significantly less trusting of their advisors. They also want supervisory and governmental bodies to take greater action to protect them against fraud. Investigations into breaches of the standards must balance fairness to both sides through a consistently applied and pragmatic investigative process
. The CFP board joins other organizations such as the CFA Institute and the Investment Management Consultants Association (IMCA) in creating a formal process to ensure the high standards they have set are upheld by those who hold their designations.
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