An investigation by The Wall Street Journal revealed that “thousands of advisers with the coveted Certified Financial Planner designation listed in the group’s public directory as having clean records had histories of customer complaints, bankruptcies, regulatory problems or criminal records.”
“The CFP Board had been relying solely on planners to self-report red flags in their records when they renewed their certification annually. The Journal’s investigation found that many such red flags were publicly disclosed on a website run by the Financial Industry Regulatory Authority, a watchdog organization funded by the brokerage industry—but not in the CFP Board’s directory”: LetsMakeAPlan.org
Source: CFP Board to Tighten Oversight of Financial Advisers
https://www.wsj.com/articles/cfp-board-to-tighten-oversight-of-financial-advisers-11576626090
Source: Financial Planning for Women