The Chartered Institute for Securities & Investment's has increased the requirements for members to become Certified Financial Planners.
The CISI has restructured the study pathway for UK candidates for the certified financial planner (CFP) certification, with the changes making the professional body's level seven diploma the highest level financial planning qualification in the UK.
Candidates looking to complete the new study pathway to CFP certification will need to meet entry requirements for the new CISI level six certificate in advanced financial planning exam, followed by a financial plan assessment at level seven.
Once they have three years' relevant experience, have taken the CISI Integrity Test, are CISI members and log annual CPD with us, an adviser can then hold the UK CFP licence, which is annually renewable with the professional body.
Jacqueline Lockie, head of financial planning at CISI, said: "We have worked hard, with the support of Financial Planning Standards Board, the CISI financial planning forum committee, other CFP professionals and specialists, to restructure the UK study pathway to CFP certification to equip financial planners with the skills, abilities and knowledge to build robust financial plans to help clients meet their financial and lifestyle objectives.
"Our CFP professionals will make a real difference helping the public understand how financial planning can improve their financial lives."
At the end of last year there were 181,360 CFP professionals globally, with organisations delivering or preparing to deliver CFP certification in 26 countries.
Noel Maye, chief executive of Financial Planning Standards Board Ltd, said: "FPSB welcomes CISI's new study pathway for CFP certification in the UK, which emphasises the technical knowledge and professional skills and training needed to be able to construct and deliver effective financial plans to clients.”
"CISI has made great progress putting in place the training and development components of a world-class financial planning certification program in the UK.
"FPSB looks forward to continuing to work with CISI to grow substantially the number of CFP professionals so that consumers in the UK will have increased access to competent, ethical financial planners, who put their clients’ interests first."