ASIC calls for update to tax (financial) advice status
The Financial Advisers Register will display whether a financial adviser can provide tax (financial) advice services from 1 February, 2023.
To provide tax (financial) advice to retail clients, advisers must meet requirements and be known as qualified tax relevant providers (QTRPs). This included competition of specific tax and commercial courses and additional continuing professional development.
Licensees would need to update their advisers’ FAR record to state whether they can provide tax (financial) advice before 1 February, 2023. If they did not do so, their FAR record would not show this information.
ASIC said there would be no cost to update this information for the first time.
The Australian Securities and Investments Commission (ASIC) said it had already been in contact with advisers who were registered with the Tax Practitioners Board (TPB).
ASIC said these requirements were separate to a rule which required financial advisers to be registered by 1 July, 2023.
AUTHOR
Laura Dew
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
