Iacovella went on to “urge the CFP Board to provide investment professionals, who hold the CFP designation, with a public assurance that compliance with federal securities laws and regulations, like Regulation Best Interest, will not lead to a disciplinary action. This outcome will remove the confusion, and potential for harm, that a duplicative private standard would cause for investors across the country.”
But CFP Board President Kevin Keller said in an earlier statement that professional standards-setting organizations, such as CFP Board, “exist in part to set standards that go beyond those required by the law for the benefit of the public and the profession.”
“The new Code and Standards complement, rather than conflict, with the law,” Keller said.
“As the marketplace increasingly demands, consumers who work with a CFP® professional can expect to benefit from competent and ethical financial advice. In the absence of a federal fiduciary standard, the new Code and Standards serves as a North Star for consumers seeking financial advice,” he added.