The Toronto-based Financial Planning Standards Council (FPSC) will launch a new program in July for people on the path to becoming Certified Financial Planners (CFP), the non-profit organization announced on Monday.

As of July 1, a new program called the FPSC Level 1 Certification in Financial Planning will replace the current FPSC Registered Candidate program. The new program will allow individuals with limited or no professional financial planning qualifications who are currently offering clients less complex financial planning solutions to pursue this qualification along the path to CFP certification.

Beginning in 2015, those with Level 1 certification will have to attain a Continuing Education credit in addition to their current requirements to adhere to the standard of care, ethics and loyalty required of CFP professionals.

As well, the FPSC will introduce new Routes to CFP Certification including exemptions for individuals who already hold relevant financial planning related or professional qualifications.