Clarity still needed on TASA
The Financial Planning Association (FPA) is continuing to work with both Treasury and the Tax Practitioners Board with a view to getting greater clarity around requirements under the Tax Agent Services Act (TASA).
FPA chief executive Mark Rantall said that his organisation remained hopeful of gaining greater clarity around competency and other requirements of TASA before it came into effect on 1 July, 2014.
He said that while there was a lengthy transition period attaching to the TASA legislation, the FPA regarded it as imperative that financial planners had clarity around some of the key obligations which would be imposed on them under the new regime, particularly the competency requirements.
A key sticking point for the FPA and other financial planning organisations relates to planners being required to have competency with respect to commercial law qualifications — something which Rantall said he did not believe was necessary because it was something planners did not deal with on a daily basis.
He said another issue was the sufficient number requirement — something which was likely to pose a challenge for some larger groups.
"We are working with the Treasury and the TPB and it would be good to be able to provide clarity on this well before the 1 July," Rantall said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
