TPB signals embrace of FASEA CPD cross-over
The Tax Practitioners Board (TPB) has confirmed it is considering increasing the minimum number of continuing professional education (CPE) hours required for all tax practitioners to 40 hours a year – something which would bring it into line with the continuing professional development policy of the Financial Adviser Standards and Ethics Authority (FASEA).
The TPB made its intention clear in a discussion paper issued this week, indicating any changes would be staged over time.
The TPB said it had received a range of views including that “the requirements for tax (financial) advisers should more closely align with FASEA requirements” and that “the TPB should adopt a position that compliance with FASEA’s CPD requirements automatically satisfies the TPB’s CPE requirements for tax (financial advisers)”.
Importantly, the current TPB CPE requirements require tax (financial) advisers to undertake a minimum of 60 hours over a three-year period, or seven hours a year.
The TPB signalled it intended to further clarify that a tax (financial) adviser who met FASEA’s CPD requirements was also likely to meet the TPB’s CPE requirements.
“The TPB also proposes that completion of a course by a tax (financial) adviser to satisfy FASEA requirements, in order to continue to operate as a financial adviser, can count toward the TPB’s CPE requirements (if it is relevant to the tax (financial) advice service being provided),” it said.
“For clarity, courses completed for the purpose of initial registration with the TPB cannot be counted toward the TPB’s CPE requirements, consistent with the TPB’s current approach for all tax practitioners.”
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.