The chair of the CFP (Certified Financial Planner) Board of Standards, and two members of the CFP Disciplinary and Ethics Commission (DEC) have stepped down in the US, following allegations that they – and other volunteers – may have violated provisions of CFP Board’s Standards of Professional Conduct.
Board chair Alan Goldfarb, and the two DEC members stepped down after the findings of a confidential investigation into the “broad allegations” were presented to them, said an official statement from the CFP Board of Standards board of directors.
“The committee found sufficient merit in the allegations against Mr Goldfarb and the two members of the DEC to refer them for further proceedings under CFP Board’s Disciplinary Rules and Procedures. When presented with the committee’s findings, they decided to resign from their positions,” said the statement.
Goldfarb announced his resignation in a letter addressed to the CFP board’s board of directors, CFP professionals and the public, stating the following:
Several days ago it was brought to my attention that I may not be in compliance with provisions of the Standards for Professional Conduct of the Certified Financial Planner Board of Standards, Inc. (CFP Board), for which I serve as Chair of the Board of Directors.
As a co-author of the standards and disciplinary rules; as a five year member and Chair of the Board of Professional Review; as a four year member and chair of the Appeals Committee; and as a CFP practitioner with almost 35 years without any disciplinary history, I am well aware of my duties and responsibilities and believe that I am in full compliance with those standards.
I am certain that this was a misunderstanding, and I welcome the opportunity to engage in good faith the CFP Board’s enforcement process consistent with its Disciplinary Rules and Procedures.
As Chair of CFP Board’s Board of Directors, it is my responsibility to put the interests of the organization ahead of my own. I believe that under the circumstances, it is best for the organization that I resign pending the outcome of the process as both Chair and a member of the Board of Directors, effective immediately.
For many years I have dedicated my life to ensuring the public has access to ethical and competent financial planning services offered by CFP professionals. I will continue to work toward those goals and support CFP Board, the CFP designation, and the financial planning profession.