You are quite right to point to Kline. It is the Klineans who have come up with a novel theology, highly dispensational and only tangentially Reformed. It is they who have troubled Israel with their new and unsupportable notions of merit. The so-called FV is simply an affirmation of historical Reformational and Westminsterian doctrine, and it only appears new to people steeped in either Klinean dispensationalism or Baptistic revivalism.
See also What is going on?