Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP Board certification marks against Edward Steven Mercer, which is effective as of January 31, 2024.

Counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an automatic Interim Suspension Order suspending Mr. Mercer’s right to use the CFP Board certification marks after CFP Board Enforcement Counsel provided notice to DEC Counsel that there were grounds for an automatic Interim Suspension Order. Specifically, Enforcement Counsel received evidence that Mr. Mercer was barred by the Financial Industry Regulatory Authority, Inc. (FINRA) from association with any FINRA member in all capacities, effective November 15, 2023. In a Letter of Acceptance, Waiver, and Consent (AWC) with FINRA, Mr. Mercer consented to findings that he received a request for on-the-record testimony from FINRA pursuant to FINRA Rule 8210 but refused to appear for on-the-record testimony at any time. FINRA sought to investigate a customer’s investment in a crypto asset offering away from Mr. Mercer’s member firm on October 16, 2023. In the AWC, Mr. Mercer consented to findings that his refusal to provide the testimony was a violation of FINRA Rules 8210 and 2010, and he consented to a permanent bar. A FINRA bar is Professional Discipline, as defined by Article 7.2 of CFP Board’s Procedural Rules, and is grounds for an automatic Interim Suspension Order under Article 2.1.b. Accordingly, DEC Counsel issued an Interim Suspension Order to Mr. Mercer. To read the DEC Counsel’s order, click here: Case History 46231.

An interim suspension is a suspension of a CFP® professional’s certification and trademark license during the pendency of CFP Board enforcement proceedings. A Respondent subject to an Interim Suspension Order must not use the CFP Board certification marks, state or suggest that Respondent is a CFP® professional, or hold out to the public as being certified by CFP Board while the Interim Suspension Order is in effect. An interim suspension does not preclude CFP Board from imposing a final sanction. An Interim Suspension Order will remain in place until (1) the DEC or, if an appeal is filed, the Appeals Commission, issues a final order addressing the conduct at issue in the Interim Suspension Order; (2) Enforcement Counsel dismisses the investigation of the conduct at issue in the Interim Suspension Order and either (i) Respondent files and DEC Counsel grants a Petition to Vacate the Interim Suspension under Article 2.4 or (ii) Enforcement Counsel files and DEC Counsel grants a Motion to Terminate the Interim Suspension under Article 9.1; (3) Respondent fails to file timely a Petition for Reinstatement After Interim Suspension Order and DEC Counsel grants Enforcement Counsel’s Motion for an Administrative Order; (4) Respondent fails to satisfy the requirements of Article 2.3 and DEC Counsel grants Enforcement Counsel’s Motion for an Administrative Order; or (5) the DEC grants a Petition for Reinstatement After Interim Suspension Order filed by Respondent and Respondent has completed all requirements for CFP® certification.

More information on CFP Board’s enforcement process can be found at CFP.net/enforcement. In addition, at CFP.net/verify, CFP Board provides the public with:

• An individual’s CFP® certification status and summaries of and links to orders issuing public sanctions to current or former CFP® professionals.
• Links to other sources of information about CFP® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board’s website. This information may include customer disputes, disciplinary actions taken by a regulator or employer, certain criminal matters and certain financial matters (such as bankruptcy proceedings and unpaid judgments or liens).
• Links to FINRA’s BrokerCheck and the U.S. Securities and Exchange Commission’s (SEC’s) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight.

CFP Board’s Enforcement Process

As part of their certification, CFP® professionals make a commitment to CFP Board to abide by CFP Board’s Code of Ethics and Standards of Conduct (Code and Standards) or its predecessor, the Standards of Professional Conduct (Standards), which included the Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards. Individuals on the pathway to CFP® certification make a commitment to abide by CFP Board’s Pathway to CFP® Certification Agreement (Pathway Agreement). CFP Board’s Code and Standards benefits and protects the public and advances financial planning as a distinct and valuable profession. Compliance with the Code and Standards is critical to the integrity of the CFP Board certification marks.

CFP Board’s Procedural Rules sets forth the process for investigating matters and imposing sanctions where violations have been found. CFP Board enforces its ethical standards by investigating alleged violations and, where there is probable cause to believe there are grounds for sanction, presents a Complaint containing the alleged violations to CFP Board’s Disciplinary and Ethics Commission (Commission). The Commission meets at least six times a year to review any matter in which CFP Board has alleged that a CFP® professional has violated CFP Board’s Code and Standards or its predecessor Standards, or that an individual pursuing initial CFP® certification has violated the Pathway Agreement. The Commission functions in accordance with the Procedural Rules and reviews all matters on a case-by-case basis, considering the details specific to an individual case. If the Commission determines there are grounds for sanction, then it may impose a sanction. Commission orders may be appealed by a Respondent or CFP Board pursuant to the Procedural Rules.

CFP Board public sanctions include, in order of increasing severity, Public Censures, Suspensions, Temporary Bars, Permanent Bars and Revocations of the right to use the CFP Board certification marks. In certain circumstances, such as when a CFP® professional is in default due to failure to acknowledge receipt of a Notice of Investigation or failure to file an Answer, a CFP® professional may receive an Administrative Order of Suspension, Temporary Bar, Revocation or Permanent Bar. Administrative Orders are subject to appeal.

More information on CFP Board’s enforcement process can be found at CFP.net/enforcement.

ABOUT CFP BOARD

CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER™ certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by nearly 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.

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