CFP Board Imposes Interim Suspension on Kevin E. Davis of Sunnyvale, Texas

Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 100,000 CFP® professionals who have made a commitment to meet CFP Board’s ethical and competency standards, today announced that it has imposed an interim suspension of the CFP Board financial planning certification and right to use the CFP Board certification marks against Kevin E. Davis, effective July 2, 2024.

CFP Board’s enforcement counsel notified Mr. Davis and counsel to the Disciplinary and Ethics Commission (Commission) in June 2024 that there were grounds to issue an automatic interim suspension order against Mr. Davis under Article 2.1 of CFP Board’s Procedural Rules. In May 2024, Mr. Davis entered a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA), permanently barring him from associating with any FINRA member. Mr. Davis consented to findings that he violated FINRA Rules 8210 and 2010 by refusing to appear for on-the-record testimony about his termination from a member firm after having failed to timely disclose to the firm a loan he made to a family member in violation of firm policy. Mr. Davis’ permanent bar by FINRA is grounds for an automatic interim suspension order under Article 2.1.b.3. of the Procedural Rules. Mr. Davis’ interim suspension was effective July 2, 2024. Read the order: Case History 46776.

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 order is in effect. An interim suspension does not preclude CFP Board from imposing a final sanction. CFP Board’s Procedural Rules governs how long an interim suspension Order will remain in place.

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 the 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.

Upholding CFP Board’s High Ethical Standards

CFP® professionals make a commitment to CFP Board to abide by its Code of Ethics and Standards of Conduct (Code and 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 upholds its ethical standards by investigating alleged violations of CFP Board’s Code and Standards (or its earlier Standards of Professional Conduct) by CFP® professionals and alleged violations of the Pathway Agreement by those pursuing initial CFP® certification. Where there is probable cause to believe there are grounds for a sanction, CFP Board presents the alleged violations formally in writing to CFP Board’s Disciplinary and Ethics Commission. CFP Board also assesses an Applicant’s ethical fitness for certification in accordance with the Fitness Standards. CFP Board’s Procedural Rules governs the process for investigating and pursuing disciplinary action for alleged misconduct, and for imposing sanctions where violations have been found.

CFP Board’s Disciplinary and Ethics Commission meets at least six times a year to review alleged violations by CFP^® professionals or candidates — also called “Respondents” — on a case-by-case basis, considering the details specific to each individual case. Applying the Procedural Rules, the Commission may impose a sanction if the Commission finds that there are grounds to do so. Respondents and CFP Board may appeal Commission orders.

CFP Board public sanctions include Public Censures, Suspensions, Temporary Bars, Revocations and Permanent Bars 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 responding to the allegations, a CFP® professional may receive an Administrative Order of Suspension, Temporary Bar, Revocation or Permanent Bar. Administrative Orders may be appealed.

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 more than 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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