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CFP Board announces new commission to adjudicate appeals

The CFP board is setting up a new commission that will be authorized to hear appeals from CFP members, the organization announced this week. The final commission comes after the board releases the proposed changes For public comment in November last years.

Earlier, such hearings were decided by the Board’s Code and Standards Enforcement Committee (CSEC). according to board update ruleWhile the specific procedures for adjudicating reviews are not set to change, decisions will now be made by a newly-established five-member commission, which will include individuals who are not currently serving on the CFP Board of Directors.

In a recent interview with WealthManagement.comThe new CFP board chair, Kamilla Elliott, insisted that the changes were not a sign that the board was reducing its oversight of the process, while CEO Kevin Keller stated that the change appeals process should be trusted to the public and to CFP members. Will help keep it fair.

It also allows the CFP Board of Directors, who currently sit on CSEC, to focus on the CFP Board’s organizational strategy, policymaking and oversight of our enforcement processes – not on making decisions on appeals. ,” They said.

The commission’s chairman will be Dennis Voigt Crawford, a former member of the CFP Board of Directors. Crawford had previously served as the head of an independent task force created in In view of reporting from wall street journal Alleging that the CFP Board had failed to adequately investigate the regulatory, disciplinary and criminal histories of thousands of CFP professionals and failed to include that information on a site searchable by potential customers.

Task Force finally released A final report in December 2019, arguing that there were failures in the board’s enforcement program, but said the primary cause of the issues was “systemic, long-term, governance-level vulnerabilities” at the board level. Board outlined its plan for governance reforms next October.

Crawford was also the Texas Securities Commissioner for 17 years and twice served as president of the North American Securities Administrators Association (NASAA). Other members of the commission include Susan McMichael John, former Chairman of the Board of Directors of the CFP Board, and Shelley-Ann Iveka, the current Chairman of the Board’s Restrictions and Fitness Commission. They are joined by Jeffrey Weeks, another member of the Sanctions and Health Commission, as well as Gary Strickland, a member of the Board’s Discipline and Ethics Commission.

Crawford and John will serve until the end of 2023, while Iveka and Weeks’ terms will end at the end of 2024; Strickland’s term ends a year later in December 2025. The five new members of the commission will start service in February. 1 Further updated procedural rules take effect from February. 22.

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