CFPs face new ethics standards
On May 31, 2007, the Board of Directors of Certified Financial Planner Board of Standards, Inc. (CFP Board) announced the adoption of an updated Standards of Professional Conduct, which sets forth the ethical standards for CFP professionals. CFP professionals found in violation of CFP Board's ethical standards may be subject to public discipline, up to a permanent revocation of the right to use the CFP® marks.
The updated Standards will become effective July 1, 2008. CFP Board believes the updated Standards move the ethical standards for CFP certification forward in a way that benefits the public, and CFP Board encourages all CFP professionals to integrate the updated Standards with their daily practice as soon as practical.
In 2005, the Board of Directors began an intensive review of CFP Board's ethics-related functions. CFP Board released an initial Exposure Draft of proposed revisions to its ethical standards in July 2006 and received more than 300 responses to that draft. The Board of Directors incorporated suggestions from many of those comments in a Second Exposure Draft that was released for public comment in March 2007. An Ethics Task Force reviewed the comments received and made recommendations to the Board of Directors. The Board of Directors approved these updated Standards at their business meeting on May 24, 2007.
CFP Board will undertake a campaign to educate CFP professionals, financial planning educators, and the public about the impact of the revised standards before the updated Standards take effect on July 1, 2008. Comments and questions about the updated Standards may be sent to mail@CFPBoard.org.
The updated Standards of Professional Conduct and related materials are available below for download and review.
Updated Standards of Professional Conduct and Related Documents:
Updated Standards of Professional Conduct, effective July 1, 2008 (157 KB PDF file)
Current Code and Standards (446 KB PDF file)
Side-by-Side Comparison of Terminology (53 KB PDF file)
Side-by-Side Comparison of Principles (49 KB PDF file)
Side-by-Side Comparison of Rules (91 KB PDF file)
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.