WASHINGTON, December 5, 2022 /PRNewswire/ — The Certified Financial Planner Board Of Standards, Inc. (CFP Board) has issued fresh directives on Cryptocurrency-related investments to assist CFP® professionals in adhering to the Code of Ethics And Rules Of Conduct (Code And Standards) in their practices.
The Board recently published an Alert to CFP® Professionals On Financial Advice On Cryptocurrency-Linked Assets in response to queries about the implementation of the Organisation Code And Standards when offering financial advice on cryptocurrency and other financial assets whose values are connected to cryptocurrencies (collectively termed “cryptocurrency-related assets”).
This article covers topics such as compliance with the requirement for fairness, fiduciary duty and the duty to provide customer information. It also looks at the duties included in selecting, suggesting and utilizing technology. It The following dialogue goes over the matters that may arise in the context of the Financial Planning Practice Standards when applying them to cryptocurrency-related assets.
“CFP® professionals are always seeking a better understanding of what to consider when providing financial advice to a customer. As part of their CFP® certification, they pledge to the CFP Board to act in a fiduciary capacity when providing financial advice,” said Kevin R. Keller, executive director of the Board. “Developed in collaboration with the Board’s Professionalism Committee, this guidance will assist CFP® professionals in fulfilling their obligations under the Code and Standards when providing advice on cryptocurrency-related assets.”
The Board of Standards has released a groundbreaking guide to cryptocurrency-related assets, as part of their ongoing effort to provide compliance resources for CFP® professionals. This guide is designed to help financial planners put their clients’ best interests first and ensure the public is provided with ethical and competent financial planning.
The Board’s website, CFP.net/compliance, offers a range of additional resources, such as FAQs, videos, fact sheets, case studies, and other guidance materials. Here, CFP® professionals can find all the information they need to comprehend and observe the Code and Standards.
The Board’s Guide To Cryptocurrency is now available for download on their website.
ABOUT BOARD OF STANDARDS
The Certified Financial Planner Board of Standards, Inc. is the professional body for individual financial planners in the US. The CFP Board sets standards for financial planning and administers the esteemed CFP® Certification. This is one of the most respected qualifications for financial services, to guarantee that the public has the opportunity to benefit from ethical and competent financial planning. The CFP Board, along with the Center For Financial Planning, is devoted to increasing public awareness of CFP® certification and access to a diverse, ethical, and competent financial planning workforce. The CFP® certification is widely accepted in the US and is currently held by more than 93,000 people.
SOURCE Certified Financial Planner Board Of Standards, Inc.
