TPB consultation paper could lead to 40+ hrs adviser CPE

The Tax Practitioners Board (TPB) latest consultation paper could result in greater training requirements for advisers than is currently the case.

The TPB released a paper on Continuing Professional Education (CPE) requirements last week and proposed to increase the number of hours from 20 to 40 hours per year to align with requirements under the Financial Adviser Standard and Ethics Authority (FASEA).

Rob Lavery, technical and policy manager at online advice portal knowIT, said: “The TPB’s proposed position that a financial adviser is ‘likely’ to meet the TPB’s CPE requirements if they meet FASEA’s CPD [continuing professional development] requirements, contains a caveat: any FASEA CPD activities must be able to be demonstrably linked to the adviser’s tax (financial) advice services to qualify as CPE under the TPB’s requirements.

“This only becomes really concerning when looked at in conjunction with another of the TPB’s proposed positions. The TPB has proposed to increase CPE requirements from an effective 20 hours per year, to 40 hours per year to align with the requirements of FASEA.

“If the TPB insists that all FASEA CPD needs to be related to providing tax (financial) adviser services in order to meet CPE requirements, advisers are going to be left well short of their 40 hour obligation when relying on FASEA CPD alone.”

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He said the ‘only outcome’ he could see that would streamline advisers’ ongoing education requirements was complete alignment with FASEA requirements, without the caveat that all training relating to providing tax (financial) advice.

If the caveat was included then it would lead to advisers’ needing to do far more than 40 hours of annual training to meet both the TPB and FASEA requirements.

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cool, can't wait.

Please go away TPB, we don't want or need you, your newsletters are crap, your website sucks and the annual declaration is like pulling teeth. Can someone please tell me what VALUE we get from our fees for the TPB? Nothing? Thought so. We cant even do tax returns, or get access to the tax portal for clients, so why oh why are we even paying these people! More hangers on!

If politicians truly wanted to remove unnecessary red tape and make advice more affordable for consumers, getting rid of TPB regulation of financial advisers would be an obvious starting point. There is nothing the TPB does in financial advice that isn't already covered by a myriad of other regulators.

Why have politicians failed to act on this?

The "fees for no service" industry is still alive and well within the government departments.

Could one possibly conceive of a more useless, unnecessary, expensive and draconian regime than the TFA and TPB. They have caused me nothing but misery and expense, have bullied me, discriminated against me and forced me to a myriad of unnecessary nonsense due to their total lack of understanding of our profession. They are an absolute parasite and exist to do nothing but employ extra people. Please please please please go away.

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