The Financial Planning Association endorsed a proposed rule by the Massachusetts Securities Division that would prohibit financial services professionals from using misleading professional designations. Massachusetts is the first state to recommend placing restrictions on the professional designations used by broker/dealer agents and investment advisor representatives. With other states considering the limitations, FPA encouraged the Division "to develop uniform and objective criteria to ensure that meaningful designations are not included in the prohibition." FPA also asked the Securities Division to view the CFP mark as an example of a meaningful designation, because of the requirements enforced by the CFP Board.
The CFP Board voted to approve changes to its governance policy. The Board also appointed new members to its 2007 governing body, effective January 1, 2007. The changes assign new titles to CFP Board's governing body, to the body involved in developing CFP Board's examination, and to the body that participates in enforcing CFP Board's ethical standards. The Board of Governors will become the Board of Directors, the Board of Examiners will become the Council on Examinations, and the Board of Professional Review will become the Disciplinary and Ethics Commission. According to the CFP board, these changes are designed to clarify the roles and relationships between the Board, the sub-boards, and CFP Board's staff.
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