A.2 CFP Board’s Procedural Rules

Question 1

Professional code specific to the CFP professionals that emphasizes the principles of integrity, competence, and diligence in professional conduct.

Answer 1

CFP Board’s Code of Ethics

Question 2

Obligation to place the client’s interests above the interests of the professional or their firm.

Answer 2

Duty of Loyalty

Question 3

The requirement to provide services using the prudence that a reasonable professional would.

Answer 3

Duty of Care

Question 4

Rules that outline the processes and guidelines for enforcing the CFP Board’s Code of Ethics and Standards of Conduct.

Answer 4

Procedural Rules

Question 5

Actions taken against a CFP professional that are made public due to violations.

Answer 5

Public Sanctions

Question 6

Temporary suspension of a CFP certification during an ongoing investigation.

Answer 6

Interim Suspension

Question 7

The steps followed by the CFP Board when a complaint against a certified professional is filed.

Answer 7

Investigation Process

Question 8

The method by which a CFP professional can contest a disciplinary decision.

Answer 8

Appeal Process

Question 9

Rules governing the privacy of client information and proceedings.

Answer 9

Confidentiality Requirements

Question 10

The obligation to act in the best interest of the client with trust and confidence.

Answer 10

Fiduciary Duty

Question 11

The obligation to provide equal treatment to all clients, regardless of background or personal characteristics.

Answer 11

Non-Discrimination

Question 12

The obligation to inform clients about certain information, including conflicts of interest.

Answer 12

Duty to Disclose

Question 13

Guidelines that govern how CFP professionals can promote their services.

Answer 13

Advertising Rules

Question 14

Documentation that outlines the services to be provided, fees, and other important terms between a CFP professional and a client.

Answer 14

Client Agreements

Question 15

Conditions under which a CFP professional’s certification can be revoked.

Answer 15

Termination of CFP Certification

Question 16

The process through which a former CFP professional can regain certification.

Answer 16

Reinstatement

Question 17

The requirement for how long financial records and documents must be kept by the CFP professional.

Answer 17

Record Retention

Question 18

Requirements for ongoing professional education to maintain certification.

Answer 18

Continuing Education

Question 19

Certification renewal includes specific training related to proper conduct and decision-making.

Answer 19

Ethics Training

Question 20

The processes and methods used to address client complaints against a CFP professional.

Answer 20

Complaint Resolution

Question 21

The overall responsibility of CFP professionals to uphold the integrity of the profession.

Answer 21

Professional Responsibility

Question 22

The need for CFP professionals to maintain sufficient knowledge and skill to provide competent services.

Answer 22

Professional Competence

Question 23

The expected levels of behavior and professional practice prescribed by the CFP Board.

Answer 23

Standard of Conduct

Question 24

The obligation to represent facts and advice accurately and without misleading.

Answer 24

Fair Representation

Question 25

A situation in which a **CFP professional could benefit personally** from decisions made on behalf of a client.

Answer 25

Conflict of Interest