After taking public comment, CFP Board announced new changes to its rules and procedures in three areas, including the way it handles bankruptcies among certificants and applicants.
In the past three years, CFP Board has seen reported bankruptcies among planners rise sharply, to 37 in just the first quarter of this year, up from one in 2008, eight in 2009, 20 in 2010 and 49 in 2011. The increase is due, in most cases, to the economic downturn, according to Michael Shaw, the board’s managing director of professional standards and legal.
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