FIDUCIARY LICENSING STUDY SENT TO DAVIS.

• Position: Brief Article

Under SB 1881 (O'Connell), as originally introduced, most individuals including CPAs and attorneys who routinely act as trustees for estates or exercise control over clients' financial affairs, would have been required to become licensed as professional fiduciaries.

To qualify as a professional fiduciary, CPAs would have had to pass a test, meet minimum educational requirements and agree to abide by a separate code of ethics. The legislation was envisioned as a way to stop unethical or incompetent individuals from financially abusing their clients and stealing client funds. CalCPA immediately sought an exemption for CPAs who are already extensively regulated and educated.

When SB 1881's sponsors, the Professional Fiduciaries...