Recently, CFP board chairwoman Susan John told Financial Planning, “‘We are not delaying and we are not changing the standard…'”
However, the board has decide to do just that, according to InvestmentNews. The CFP has now pushed the enforcement date of their new fiduciary standard from October 1st 2020 to June 30th 2020.
The new enforcement date aligns closer to the SEC’s Reg BI launch. Of the coinciding regulations, John stated, “‘…we said that CFP Board would not be led by what actions regulators take. But we won’t ignore them either…The board… does believe that the alignment of the SEC’s enforcement date of Regulation Best Interest is helpful to our CFP professionals in that there is significant overlap…'”
