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Statement by Consumer Action on CFP Board’s new Code of Ethics and Standards of Conduct

This statement may be attributed to Linda Sherry, director of national priorities, Consumer Action:

Consumer Action applauds CFP Board for putting consumers first with new rules that require CFP® professionals to be a fiduciary at all times when providing financial advice. The definition of “financial advice” in the Standards is broad and has no exceptions. This is important since consumers won’t be left guessing whether their CFP professional is acting in their best interest when providing financial advice.   

Investors seeking to avoid costly investment products and services that are not in their best interest are advised to work with a financial professional who is committed to providing financial advice under a fiduciary standard. It is this fiduciary obligation that will distinguish CFP® professionals from the broader financial services industry.

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