WASHINGTON, June 16, 2017, / PRNewswire/– Certified Financial Planner Board of Standards, Inc. (CFP Board) revealed today that it has enforced an automated interim suspension of Randy Alford’s CFP ® accreditation.
CFP Board enforced an automated interim suspension, efficient March 16, 2017, after finding that the Financial Industry Regulatory Authority, Inc. (FINRA) disallowed Mr. Alford from associating in any capacity with any FINRA member company for cannot offer info to FINRA throughout its examination. FINRA investigation process started its examination after it found Mr. Alford was released from his position as a signed-up agent for cannot reveal an outdoors business activity including a restricted collaboration and for offering away without his company’s approval. Mr. Alford did not react to FINRA’s ask for files and details. This failure to react breached FINRA Rule 8210, and triggered FINRA to issue a Notice of Suspension to Mr. Alford in December 2015. The suspension lasted from January 2016 to March 2016, when it was transformed into a long-term bar due to Mr. Alford’s failure to demand the termination of his suspension within 3 months of FINRA’s Notice of Suspension. Pursuant to FINRA Rule 9552(h), Mr. Alford was immediately disallowed from connecting with any FINRA member in any capacity in March 2016. Pursuant to Article 5.7 of CFP Board’s Disciplinary Rules and Procedures,” [a] n interim suspension will right away be released without a hearing when CFP Board Counsel gets proof of a conviction or an expert discipline in accordance with Article 13.1 for … cancellation of a monetary expert license (securities, insurance, accounting or bank-related license).” Under the interim suspension order, Mr. Alford’s right to use the CFP ® accreditation marks are suspended pending CFP Board’s finished examination and possible more disciplinary procedures.
CFP Board’s enforcement procedure is a vital customer defense. CFP ® specialists consent to comply with CFP Board’s Standards of Professional Conduct (Standards), that includes the Code of Ethics and Professional Responsibility (Code of Ethics), Rules of Conduct and Financial Planning Practice Standards (Practice Standards). The Standards stated the ethical requirements for monetary coordinators who hold the CFP ® accreditation.
CFP Board imposes its ethical requirements by examining occurrences of supposed dishonest habits by CFP ® specialists. In cases where offenses are discovered, the Disciplinary and Ethics Commission (Commission) might enforce discipline varying from a personal censure or public letter of admonition to the suspension or cancellation of an individual’s right to use the CFP ® marks. CFP Board’s Disciplinary Rules and Procedures (Disciplinary Rules) stated the procedure for examining matters and enforcing discipline where offenses have been discovered.