The traditional processes and procedures that will rebound as the economy opens—and those that will fall victim to the “new normal”—are still to be determined. Yet video conferencing in one form or another is apparently here to stay.
On Tuesday, the Certified Financial Planner Board of Standards announced that its board of directors has approved amendments to its Disciplinary Rules and Procedures and Appeal Rules and Procedures.
The change will permanently allow in-person hearings to be conducted by video conference. The amendments became effective on May 22, 2020.
The rules and procedures previously permitted hearings to be conducted telephonically or in person.
However, given the social distancing and other health and safety guidelines issued for the COVID-19 pandemic, the CFP Board said it is not feasible to conduct in-person hearings with all participants in one location.
As a result, the Board voted to permanently allow in-person video conference hearings.
“These amendments reflect the concerns of the CFP Board and its Board of Directors for the well-being of our Disciplinary and Ethics Commission members, employees, appellants, and other stakeholders, and reflect the benefits of today’s efficient technology,” CFP Board CEO Kevin Keller said in a statement. “We are committed to enforcing the standards for CFP certification in a manner that is credible to the public and fair to those whose conduct CFP Board is evaluating. Enforcement is central to our work to uphold CFP certification as the standard for financial planning.”
In the near future, the board of directors will release new procedural rules that will replace the Disciplinary Rules and Procedures and Appeal Rules and Procedures.
Final rules
Drafts of proposed procedural rules were released for public comment in November 2018 and in March 2020.
The final Procedural Rules are expected to include provisions granting the Disciplinary and Ethics Commission and the Appeals Committee the authority to conduct hearings either telephonically, via video conference, or in person.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
