TPB updates public register

The Tax Practitioners Board (TPB) has announced that its public register would include now details of practitioners who had been sanctioned for misconduct, and for other who had resigned or surrendered their agent’s registration.

The TPB said this change would better protect consumers and practitioners and make it easier to find registered agents who can be trust.

The TPB register would also allow community members to make more informed choices about the right adviser while improving integrity and guarding against unregistered advisers and those who engage in misconduct.

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“Nearly three quarters of all taxpayers rely on tax practitioners to get their taxes right. The vast majority of these practitioners act with integrity and professionalism,” TPB chair, Ian Klug said.

He assured that anyone using the services of a tax agent, or considering engaging a new one, would be encouraged check the register to avoid the risk of potentially being exposed to fraud or unexpected tax liabilities and penalties, potentially running into thousands of dollars.

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This is all well and good for tax agents, who are not controlled by other regulatory bodies. But financial advisers are already controlled by 7-8 other regulators, with that number constantly increasing. There is massive regulatory duplication, complexity, and unnecessary cost, which ultimately must be borne by advice consumers. When regulation becomes excessive it becomes more of a burden than a useful protective layer for consumers. Like trying to play sport in a suit of armour.

The TPB provides absolutely no consumer protection in relation to financial advisers, that isn't already provided by several other regulators in some form. The TPB needs to be completely removed from financial adviser regulation right now!!

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