ASIC calls for update to tax (financial) advice status
The Financial Advisers Register will display whether a financial adviser can provide tax (financial) advice services from 1 February, 2023.
To provide tax (financial) advice to retail clients, advisers must meet requirements and be known as qualified tax relevant providers (QTRPs). This included competition of specific tax and commercial courses and additional continuing professional development.
Licensees would need to update their advisers’ FAR record to state whether they can provide tax (financial) advice before 1 February, 2023. If they did not do so, their FAR record would not show this information.
ASIC said there would be no cost to update this information for the first time.
The Australian Securities and Investments Commission (ASIC) said it had already been in contact with advisers who were registered with the Tax Practitioners Board (TPB).
ASIC said these requirements were separate to a rule which required financial advisers to be registered by 1 July, 2023.
AUTHOR
Laura Dew
Recommended for you
Next year will see AMP roll out an end-to-end solution for its North platform, marking a shift in the firm’s position within the advice technology sector and building on adviser feedback.
My Dealer Services is predicting strong growth in self-licensing next year, citing recent ASIC action against Interprac and the desire for independence as key drivers of the self-licensing trend.
ASIC has handed down a six-month AFSL suspension to MW Planning after the firm failed to replace its banned responsible manager.
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
