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
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.
Add new comment