The well-being of consumers receiving professional fiduciary services is safeguarded.
To protect consumers through licensing, consumer education, and enforcement of the Professional Fiduciaries Act and promote and uphold competency and ethical standards across the profession.
The Professional Fiduciaries Bureau (Bureau) was created when Senate Bill 1550 (Figueroa) was approved by the Legislature and signed into law by Governor Arnold Schwarzenegger in 2006. The Bureau's mandate is to license and regulate non-family member private fiduciaries, including conservators, guardians, trustees, personal representative of a decedent's estate, and agents under durable powers of attorney as defined by the Professional Fiduciaries Act.
Professional Fiduciaries provide critical services to seniors, disabled persons and children. They manage matters involving their clients' daily care, housing and medical needs, and also offer financial management services ranging from basic bill paying to being responsible for estate and investment management.
To protect this consumer population, the legislation creating the Professional Fiduciaries Bureau requires that all Professional Fiduciaries be licensed by July 1, 2008. In order to be licensed, Professional Fiduciaries will be required to pass an examination and to complete 30 hours of qualified education courses, and to complete 15 hours of continuing education each year in order to renew their licenses.
In addition, Professional Fiduciaries must abide by a new Code of Ethics which establishes professional guidelines to ensure that the decisions they make are in the best interests of their clients, and that personal information regarding their clients is protected.