The framework for standards and practice for Financial Planners set out by the global Financial Planning Standards Board has been revised.

The revisions to FPSB’s Global Body of Knowledge for the Financial Planning profession were the result of a year-long consultation process, with the FPSB making an announcement this morning.

Financial Planning university lecturer Dr Lien Luu CFPCM, chair of the IFP’s Northern Home Counties branch, was the UK contributor to this.

This involved FPSB’s board of directors, FPSB’s Body of Knowledge Working Group, members of the global academic community and Financial Planning bodies representing nearly 160,000 CFP professionals in 26 territories around the world.

Noel Maye, FPSB chief executive, said: “Changes in market conditions, the use of technology, and an evolving regulatory environment all affect how planners work with clients.

“As the global standards-setting body for the financial planning profession, FPSB continually reviews and updates the Global Body of Knowledge for the Financial Planning Profession to ensure the content and standards that support it remain rigorous and relevant.

“Our goal is to ensure that CFP professionals continue to meet competency, ethics and practice standards that reflect current practice needs and environments around the world.”

The Financial Planning Standards Board, which owns the international Certified Financial Planner certification program outside the United States, agreed the changes at its semi-annual meeting in Tokyo this month.

It approved updates to FPSB’s Financial Planner Competency Profile, Financial Planning Education Framework and Financial Planning Practice Standards.

FPSB’s Financial Planning Competency Profile identifies the knowledge, skills and competencies practitioners need now or in the next five years to effectively engage with clients in a Financial Planning relationship.

The Financial Planning Education Framework guides the structure, content and learning outcomes required of financial planning education courses globally.

FPSB’s Financial Planning Practice Standards establish the level of performance expected of a financial planning professional, in addition to norms of professional practice for financial planning around the world.

Members of FPSB’s Body of Knowledge Working Group, with additional input from academics and educators from 18 territories, developed recommendations for updating FPSB’s Global Body of Knowledge for the Financial Planning Profession during the first half of 2015.

FPSB then entered into a six-month consultation period with its member organisations to review the proposed changes. FPSB’s board and member organisations approved the standards at FPSB’s October meeting in Tokyo.

FPSB member organisations and educational and training bodies will now adapt the updated Global Body of Knowledge for the Financial Planning Profession for use in their respective territories.