WASHINGTON, Dec. 28, 2012 /PRNewswire-USNewswire/ -- Certified Financial Planner Board of Standards, Inc. announces today the names of CFP^® professionals who have declared bankruptcy within the last five years and, under rules that took effect July 1, 2012, are not subject to disciplinary procedures but will have their bankruptcy disclosed.

Under the rules approved by the Board of Directors, CFP Board does not investigate, and the Disciplinary and Ethics Commission does not adjudicate, bankruptcy-only cases. Rather, CFP Board verifies the bankruptcy, then notes the bankruptcy filing on the CFP^® professional's public profile, which is available through the search functions on CFP Board's website www.CFP.net.

CFP Board also shares with consumers and other stakeholders who contact CFP Board regarding a CFP^® professional's certification status the information in the CFP^® professional's public profile, including identifying whether the CFP^® professional has filed bankruptcy. CFP Board discloses these bankruptcies four times a year – once after each quarter has ended.  All disclosures regarding a bankruptcy filed by a CFP^® professional will remain on CFP Board's website for 10 years from the earlier of the date the CFP^® professional disclosed the bankruptcy to CFP Board or the date CFP Board became aware of the bankruptcy.

The public may review an individual's bankruptcy information and certification status with CFP Board at www.CFP.net/search. For more detail regarding a CFP® professional's bankruptcy filing, please visit the U.S. Court's Public Access to Court Electronic Records ("PACER") website, which can be found at https://pacer.login.uscourts.gov/cgi-bin/login.pl?court_id=00pcl. Please note that you will be required to register and pay a nominal fee to view the information.

This disclosure of these names is made pursuant to CFP Board's rules regarding single-bankruptcy cases and covers the third quarter of 2012. The release of the information below does not constitute discipline of these individuals and is provided only for purpose of providing consumers with adequate information to make an informed decision with regard to engaging a CFP^® professional to assist with financial decisions.

ABOUT CFP BOARD

The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP^® certification and upholding it as the recognized standard of excellence for personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP^® certificants and other stakeholders. CFP Board owns the certification marks CFP^®, Certified Financial Planner™, the federally registered CFP (with flame design) and the plaque design in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.  CFP Board currently authorizes more than 67,000 individuals to use these marks in the U.S.

SOURCE Certified Financial Planner Board of Standards, Inc.