CFP Board Extends Compliance Date for New Ethics Standards

"Since the beginning of the nearly four-year process to review our standards, we said that CFP Board would not be led by what actions regulators take. But we won't ignore them either," John said.

"The board, however, does believe that the alignment of the SEC's enforcement date of Regulation Best Interest (Reg BI) is helpful to our CFP professionals in that there is significant overlap in the two sets of standards – with a notable exception that CFP professionals are required to act as a fiduciary whenever they are providing financial advice to clients," she added.

For conduct that occurs between Oct. 1, 2019, and June 29, 2020, the CFP Board will continue to enforce violations of the existing Standards of Professional Conduct.

Starting June 30, 2020, CFPs will be subject to potential disciplinary action for any violations of the new Code and Standards. The board will continue to educate CFPs on the new standards and hold meetings with small and large firms.

Educational materials for the ethics CE requirement are focused on the new standards, and as of November, exams will include material from the new standards.