Professional Members of the IAFP are granted the right to use the R.F.P. (Registered Financial Planner) designation on an annual basis. However, the IAFP’s By-Law 4.08 states “…the Board may suspend or terminate the membership of any Member who does not comply with the continuing obligations of membership…” and each member acknowledges this each year upon renewing their membership.
Since the IAFP took control of the R.F.P. designation in 2002, some R.F.P.s have received disciplinary sanctions from the IAFP Board of Directors (or the Board of Regents in cases of appeal). In some cases, the complaint has been resolved by corrective action. In the following two cases, the R.F.P. designation was entirely revoked.
The IAFP Ethics and Disciplinary Committees agreed with the findings of the MFDA and considered the penalties already assessed along with the fact that there was no harm to clients. The matter was closed with an Administrative fine and a requirement to complete the IAFP Ethics exam.