least three years of full-time experience delivering all or part of the financial planning process to clients. As an alternative, beginning on September 1, 2012, applicants can satisfy the experience requirement with a 2-year "apprenticeship" period, which must include experience in the personal delivery of all six elements of financial planning under the direct supervision of a CFP professional. Ethics: Applicants for CFP certification must agree to abide by CFP Board's Standards of Professional Conduct and consent to CFP Board's authority to enforce those standards. CFP certification must be renewed biannually by completing ongoing certification requirements, including continuing education and continued adherence to CFP Board's Standards of Professional Conduct. CFP Board's certification requirements are amended from time to time. In March 2010, the CFP Board adopted a new “Financial Plan Development Course” requirement. Future applicants must take a new course that demonstrates the ability to deliver professional and competent financial planning services to the public. This "Capstone" course requirement took effect for all students with matriculation dates after January 1, 2012, and for those who apply for "Challenge" status after March 2012; with changes announced in December 2014, though, the Capstone requirement will no longer apply for Challengers after July 1, 2015. Standards of professional conduct Individuals who hold CFP certification agree to abide by a set of documents collectively referred to as CFP Board's Standards of Professional Conduct (the Standards), including a Code of Ethics and Professional Responsibility, Rules of Conduct, Financial Planning Practice Standards and Candidate Fitness Standards. The CFP Board adopted its first code of ethics in 1986. In 2006, the CFP Board's release of proposed changes to the Standards generated controversy within the financial planning profession by introducing a fiduciary standard of care that was negotiable. Following two public comment periods, the Board adopted a set of revisions that included a non-negotiable fiduciary standard of care for financial planning services The CFP Board enforces the Standards through a process outlined in its Disciplinary Rules and Procedures. Hearings for cases involving alleged violation of the Standards are held by CFP Board's Disciplinary and Ethics Commission, which can impose discipline where appropriate. Disciplinary actions taken by CFP Board, in order of increasing severity, include private censures, public letters of admonition, suspensions, and permanent revocations. The Financial Planning Coalition In December 2008, CFP Board entered into a collaboration with the Financial Planning Association and National Association of Personal Financial