The Certified Financial Planner Board of Standards said Wednesday that it will issue for public comment a second draft of proposed revisions to its Code of Ethics and Standards of Conduct, which set forth the ethical standards for CFP professionals.
The 30-day public comment period will begin on Jan. 2, 2018, and end on Feb. 2.
The Board of Directors decided to issue the second comment period at its November meeting after reviewing input provided on the original draft that was issued on June 20.
CFP Board received more than 1,300 public comments before the comment period closed on Aug. 21.
The Commission on Standards and Board of Directors made changes to the original draft of the revised Code and Standards in response to comments from individuals, organizations and firms.
CFP Board of Directors Chair Blaine Aikin said Wednesday at the Schwab Impact conference in Chicago that it will release a revised version of the proposed Code and Standards before Christmas. "An annotated version and side-by-side comparison document also will be issued at that time," the Board said.
During a panel discussion at Schwab Impact, Aikin said that "meaningful changes" were made to the proposed standards but wouldn't go into detail about the changes. (Aikin said in early October that he expected "meaningful changes" to the proposed modifications of its Standards of Professional Conduct.)
He did confirm that the cornerstone principle associated with the proposal — that the fiduciary obligation would be required anytime advice is given — would be in the revised version.
