The Certified Financial Planner Board of Standards, Inc. today announced a change to its requirement that candidates obtain three years of experience in the profession, saying that two years of fulltime experience, or its part‐time equivalent, could now fulfill the experience requirement under certain circumstances.
CFP Board also eliminated the requirement that individuals applying for CFP certification must have gained six months of experience within 12 months of reporting the experience, and it provided an option for individuals to submit experience to CFP Board for review prior to passing the CFP exam.
CFP Board also adopted a new procedure for individuals who have filed for bankruptcy within the previous five years and are not under investigation by CFP Board for any other conduct. These are known as "bankruptcy‐only cases." The CFP Board eliminated the process where CFP Board investigates – and the Disciplinary and Ethics Commission adjudicates – bankruptcy‐only cases.
Perhaps the most significant news here is that the CFP Board amended its disciplinary rules to:
• Treat a licensee's failure to respond to a request for information deriving from an investigation as having admitted to the allegations in the complaint.
• Permit CFP Board to immediately issue an interim suspension without a hearing in instances where it receives evidence of a conviction or professional suspension.
• Allow CFP Board to share investigative information with government regulators and industry self‐regulatory organizations (SROs).
Here's the press release explaining the changes in detail.