Two pieces of news provide a flicker of hope amid the doom and gloom.
Two Members of the Disciplinary and Ethics Commission Also Step Down
WASHINGTON, Nov. 2, 2012 /PRNewswire-USNewswire/ -- The Board of Directors of Certified Financial Planner Board of Standards, Inc. today announced the resignations of Chair Alan Goldfarb, CFP from the Board and two members of the Disciplinary and Ethics Commission (DEC), effective immediately.
CFP Board became aware of broad allegations that members of the Board and other volunteers may have violated provisions of CFP Board's Standards of Professional Conduct. The Board of Directors created a special committee made up of public Board members who have no ties to the financial services industry. The special committee of the Board retained outside counsel to investigate and report its findings directly to the committee.
The committee found sufficient merit in the allegations against Mr. Goldfarb and the two members of the DEC to refer them for further proceedings under CFP Board's Disciplinary Rules and Procedures. When presented with the committee's findings, they decided to resign from their positions.
The Board of Directors was informed of the resignations during a special October 31 meeting and elected new leadership for the Board of Directors. All proceedings under CFP Board's Disciplinary Rules and Procedures are confidential. Proceedings that result in a public sanction will be made public once the process is complete.
In an October 30 letter to the Board of Directors, CFP professionals and the public, Mr. Goldfarb addressed the matter: "I am certain that this was a misunderstanding, and I welcome the opportunity to engage in good faith the CFP Board's enforcement process consistent with its Disciplinary Rules and Procedures."
Mr. Goldfarb added:"As Chair of CFP Board's Board of Directors, it is my responsibility to put the interests of the organization ahead of my own. I believe that under the circumstances, it is best for the organization that I resign pending the outcome of the process as both Chair and a member of the Board of Directors, effective immediately."
2012 Chair-elect Nancy Kistner, CFP was elected to fill the remainder of Mr. Goldfarb's term. She will continue to Chair the Board of Directors through December 31, 2013.
ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP® certificants and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 67,000 individuals to use these marks in the U.S.
SOURCE Certified Financial Planner Board of Standards, Inc.