The Financial Planning Coalition has fought back against lobbyists seeking to derail a proposal to create a far-reaching oversight board for financial planners, according to a report by Investment News.

The proposed board would operate within the Securities and Exchange Commission, the publication said.

The plan, put forward by Senator Herb Kohl, (D-Wisc), which could either be added to the Senate Banking Committee bill or be introduced as an amendment, would force anyone who calls themselves a financial planner to register with the oversight board.

The proposal would also require that financial planners meet certain competency and ethical standards, take courses and exams, adhere to a code of ethics, and have work experience.

Some investment advisors fear they already have enough regulation to contend with. But members of the Financial Planning Coalition said Kohl proposal doesn't necessarily apply to all advisors.

The publication queried whether financial planners would willingly saddle themselves with a fresh layer of regulation, at a time when the financial industry around the world is facing a rising amount of red tape.