TPB and FPA sign MOU on information exchange

25 June 2020

The Tax Practitioners Board (TPB) has broken new ground by entering into a first of its kind agreement with the Financial Planning Association (FPA) via a memorandum of understanding.

The arrangement, confirmed by the TPb chairman, Ian Klub, will “facilitate information exchange about matters of mutual interest including compliance with the Tax Agent Services Act 2009 (TASA) and the Code of Professional Conduct”.

According to Klug the arrangement entails a “clear and practical framework for engagement, cooperation and proactive information-sharing between the two organisations”.

“This is our first finalised MOU with a recognised professional association, but we expect more to come as we continue to work closely with other associations to develop similar agreements,’ he said.

‘The purpose of this agreement and the others that will follow, is to make it clear that both organisations are committed to working collaboratively for the betterment of the tax profession.”

“It also highlights what information we can legally share about registered tax practitioners who are members of the respective association,” Klug said, pointing out that the MOU allowed for the exchange of information on issues including misconduct by registered tax practitioners, intelligence, operational matters and de-identified data trends, and continuing professional education opportunities.

FPA chief executive, Dante De Gori said his organisation was honoured to be the first professional association to enter into an MOU with the TPB.

‘The FPA has built a strong and close working relationship with the TPB over the past eight years as tax (financial) advisers have integrated into the TPB and we have seen the benefits of a regulator whose primary focus is on the relationship between a professional and their client,” he said.






Has the FPA sought permission from its members to share privacy information with out consent.????

I understand the Privacy laws only cover individual personal information,. The law has nothing against sharing/recording any business related information.

Oh my … looks like our comrades at the FPA are our newest regulator! It makes sense now why they want to get rid of dealerships.

Why is the FPA doing this? Surely the only thing the FPA should be saying to the TPB is FUC$ RIGHT OFF OUT OF FINANCIAL ADVICE REGULATION!!

The TPB is a tax agent regulator. They add no value to financial advice. They are just another unnecessary layer of cost and complexity which makes it harder for consumers to access affordable financial advice. Why are they still involved? Why hasn't Minister Sukkar booted them out of financial advice yet? Why hasn't the lazy and incompetent Minister Sukkar been booted out of his job yet? Why isn't the FPA lobbying hard for the TPB's immediate removal from financial advice?

Well, the answer to that is pretty obvious really. The easiest way to get around needing to do a commercial law & specific tax subject to be a member of TPB is to be a member of the FPA!

I know many advisers that are forced to be a member of the FPA for this very reason, and they get no other value out of their membership. The FPA knows this, and would never let this forced membership avenue go.

Yep, that's the membership base of the FPA. They join because either 1) some product manufacturer pays their membership fees for them or 2) they have to join because of their low education levels in order to meet TPB status. Classy. No wonder they can't negotiate a FASEA extension.

Good old dodgy FPA, the only ones they look after is themselves. If they were a "Professional Association" they'd be going to war with the TPB. I always look forward to registering my licensee, my business and myself and paying these additional levies-taxes. It's fantastic we have this layer of complexity and red tape just so that the FPA can handcuff and lock in advisers in that don't meet the TPB education requirements.

I'm sure I saw that guy at the Royal Commission. Something about handling a complaint that took over 12 months to work out. Cant' be I guess because you wouldn't be allowed to keep your job would you?

What an utter disgrace. The FPA /AFA cooperated with Minister O'Dwyer to deliver the Adviser shafting LIF/FASEA legislation to maintain their Insto sponsorship deals and now Minister HUME is trying to prolong the useless TPB Regulation as pay back for their loyalty. The FPA/AFA should just merge with the FSC and be true to label.

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