The Certified Financial Planning Board of Standards (CFP Board) announced that it would form a Competency Standards Commission in early 2023. The Commission will be composed of individuals from the financial industry, educators, certification and credentialing experts, and members of the public.
The group will be tasked with conducting a comprehensive review of the education, experience and continuing education requirements related to the CFP mark. Concerning continuing education requirements, the commission will review the current ones and either validate them or recommend changes to the CFP Board.
According to InvestmentNews, the CFP Board expects to name commission members in February 2023. The group will conduct its thorough review over the course of 24 months.
Separately, the Financial Planning Association (FPA) is undertaking an effort to obtain legal protection for the title of "Financial Planner." That also will be a designation that may involve setting competency and ethical standards for financial planning.
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