Why is CFP Board proposing changes to the ethical standards for CFP professionals?
CFP Board continually updates its standards and procedures, and the proposed revisions reflect the most recent of such projects. When CFP Board’s ethical standards were first introduced, the very concept of financial planning as a practice was newly formulated. The business and regulatory environment that existed then was very different than the current environment. CFP Board’s governing Board has responsibility for ensuring that the ethical standards for CFP certification remain strong and enforceable. The Board has periodically reviewed and updated the standards as the financial planning profession has matured, including the creation of the Financial Planning Practice Standards and the revisions to the “Fairness” rules in the current Code of Ethics and Professional Responsibility. When the Practice Standards were completed several years ago, it was clear that the Code of Ethics would need to be reviewed and updated for consistency with the Practice Standards and the changing regulato
