Who Oversees Fiduciaries?

In 2006, the California Legislature passed and the Governor signed Senate Bill 1550 creating the Professional Fiduciaries Bureau to license and regulate private fiduciaries including conservators, guardians, trustees, and agents under durable powers of attorney as defined in the Professional Fiduciaries Act (Business and Professional Code Section 6500). Attorneys and Certified Public Accountants are exempt from licensing. Senate Bill 1550 required any person in California representing himself or herself as a professional fiduciary under the Act to be licensed by January 1, 2009.

For licensing, applicants are required to provide information including business and home contact information and disclosure of conviction, bankruptcy, and breaches of fiduciary duties, complete thirty (30) hours of pre-licensing education, submit fingerprints to the Department of Justice for a criminal background check, consent to a credit check for the application review process, agree to adhere to the Professional Fiduciaries Code of Ethics, sign an affidavit under penalty of perjury. Ongoing continuing education and detailed reporting will be required for annual license renewal.

Professional Fiduciary Association of California (PFAC)

The Professional Fiduciary Association of California is the professional association for private fiduciaries practicing in the State of California. Its purpose is to ensure the highest standards of ethics and practice and to contribute to the development and support of effective regulation, legislation and licensing of the profession.

The members of the Professional Fiduciary Association of California are dedicated to serving and protecting the best interests of those who have placed their trust in them by ensuring the highest standards of ethics and practice, maintaining high qualifications for membership, and requiring continuing education of its members.

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