FPA wants single point of registration for financial tax advisers
The Financial Planning Association (FPA) has backed one of the key findings of the independent review of the Tax Practitioners Board (TPB) which would see tax financial advisers subject to a single point of registration.
In doing so, the FPA has pointed to the need for the issue to be brought within the ambit of the proposed new Single Disciplinary Body recommended by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Commenting on the release of the TPB review, FPA chief executive, Dante De Gori, pointed to recommendation 7.1 which he noted recognised the need to simplify the regulatory framework for tax (financial) advisers.
He noted that review had recommended a new model be developed for regulating tax advisers in consultation with the Australian Securities and Investments Commission (ASIC), the Financial Advisers Standards and Ethics Authority (FASEA), the TPB and Treasury.
“The proposed new model will incorporate a single point of registration for individuals, requirement to abide by only the one code of conduct, and any disciplinary action involving the provision of tax advice is decided by experts from the tax profession. It is noted that this new body is also expected to be responsible for registration.”
“This is not the first time the FPA has highlighted the need to reduce complexity for advisers, as outlined in the Policy Platform. The FPA acknowledges the Government’s support to improve the effectiveness of the TPB as part of the process of establishing a new central disciplinary body by the end of 2020,” De Gori said.
“The FPA looks forward to engaging with the Government to develop a functional model for implementation in 2021.”
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
