The CFP Board of Standards Inc. announced plans today to upgrade the continuing education standards for CFP professionals.

In the announcement, the board said it does not plan to conduct CE programs of its own at this time, a controversial proposal that had been floated earlier.

However, the decision to not enter the CE market has not stopped some leaders in the field from expressing concerns that the board has plans to become a continuing education provider one day in competition with schools and other CE providers.

The board's changes will not alter the number of hours of CE credits a CFP professional needs for certification and will not change the requirements for recertification, according to Dan Drummond, spokesman for the board.

The board has said the quality of the CE programs needs to be upgraded and the proposals are designed to do that. At a November meeting, the CFP board of directors announced plans that will be implemented over the next three to five years.

The plans, which will be implemented with the help of CFP professionals and CE sponsors, include establishing a complaint procedure for financial advisors to report issues with CE programs.

CE sponsors will be expected to meet higher standards for the education programs. The standards will include clear learning objectives and instructor criteria.

The CFP Board staff will increase its auditing of CE programs, with a focus on issues related to complaints about the programs that have been received in the past. CFP professionals will receive updates on the results of the auditing.

A recognition program for high-quality CE programs will be established.

“CFP professionals need to have access to the highest quality continuing education programs,” says Nancy Kistner, chair of the board of directors. “The establishment of appropriate standards for and delivery of continuing education are inherent in CFP Board’s mission to benefit the public. We believe these initiatives will elevate the quality of continuing education opportunities for CFP professionals in all delivery formats.”

As part of their certification, CFP professionals are required to complete 30 hours of continuing education every two years, two of which must be on the CFP Board’s standards of professional conduct. There are currently more than 1,400 CE sponsors offering more than 15,000 CE programs.

A wide range of 43 academics from financial planning programs at colleges and universities across the U.S. registered their continuing concern about the board’s intentions, in part because the announcement says the board has no intention of providing CE programs “at this time.”

In a letter to CFP Board CEO Kevin R. Keller, the academics say they have “strong concerns regarding CFP Board becoming a continuing education provider for CFP certificants.”

“We all rely on CFP Board of Standards to be the standards setting body in this emerging profession,” the letter, sent by Vicki Hampton, professor and chair of the Department of Personal Financial Planning at Texas Tech University, says. “It is imperative that the board focus on that goal and its mission to protect the public and not put itself into a conflict-of-interest position” by providing CE programs.

The letter says the academics support the idea of improving the quality of CE programs if necessary, but adds, “Please refrain from doing anything that diminishes the perception of these CFP marks as something less than purely ethical.”

The Financial Planning Association had expressed similar concerns in the past. In a statement issued today, the FPA says it fully supports the board’s decision to upgrade the standards for CE programs.

The FPA, a primary provider of CE programs, says it will work with the CFP Board. The FPA recently appointed a Continuing Education Best Practices Task Force to improve its educational offerings.