The Certified Financial Planner Board of Standards has turned over the setting and promotion of financial planning standards abroad to a newly established nonprofit standards-setting body, so that it can focus its efforts on promoting and setting planning standards in the U.S.

The recently formed Financial Planning Standards Board Ltd. will develop and promote financial planning standards beyond the U.S., under agreement between the two groups. The FPSB will purchase the CFP marks outside of the United States and its territories, while the CFP Board will maintain ownership of the U.S. CFP marks.

"Given that more than half the CFP certificants in the world are now outside the United States, the time is right to have the CFP Board focus on U.S. stakeholders, while the FPSB assumes responsibility for managing, developing and operating the certification program for the CFP marks in the rest of the world," said David Diesslin, CFP, chair of CFP Board's board of governors.

"By narrowing our focus, the CFP Board will be able to enhance its education of consumers about financial planning and help ensure that the CFP Board and U.S. CFP certificants raise their commitment to accountability by agreeing to adhere to rigorous competency and ethics standards," added Gary Diffendaffer, CFP Board executive vice president.

In addition to developing competency and ethics standards, the FPSB will promote the CFP marks in its territories. The 17 nonprofit associations that collectively manage the certification of more than 45,000 people to use the CFP marks outside of the U.S. will join the FPSB as members.

The CFP Board, which will keep sole responsibility for setting and enforcing CFP certification standards in the U.S. and its territorities, currently certifies more than 45,000 individuals to use the CFP marks domestically.

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