FPA wants single point of registration for financial tax advisers
The Financial Planning Association (FPA) has backed one of the key findings of the independent review of the Tax Practitioners Board (TPB) which would see tax financial advisers subject to a single point of registration.
In doing so, the FPA has pointed to the need for the issue to be brought within the ambit of the proposed new Single Disciplinary Body recommended by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Commenting on the release of the TPB review, FPA chief executive, Dante De Gori, pointed to recommendation 7.1 which he noted recognised the need to simplify the regulatory framework for tax (financial) advisers.
He noted that review had recommended a new model be developed for regulating tax advisers in consultation with the Australian Securities and Investments Commission (ASIC), the Financial Advisers Standards and Ethics Authority (FASEA), the TPB and Treasury.
“The proposed new model will incorporate a single point of registration for individuals, requirement to abide by only the one code of conduct, and any disciplinary action involving the provision of tax advice is decided by experts from the tax profession. It is noted that this new body is also expected to be responsible for registration.”
“This is not the first time the FPA has highlighted the need to reduce complexity for advisers, as outlined in the Policy Platform. The FPA acknowledges the Government’s support to improve the effectiveness of the TPB as part of the process of establishing a new central disciplinary body by the end of 2020,” De Gori said.
“The FPA looks forward to engaging with the Government to develop a functional model for implementation in 2021.”
Recommended for you
The levy payable by financial advisers for the Compensation Scheme of Last Resort has almost quadrupled for FY26 as the government launches a formal review.
Melbourne and Perth-based Endeavor Asset Management has added 24 financial advisers to its AFSL this week, with overall industry numbers rising by more than a dozen.
The industry has reacted to the retirement of Stephen Jones as Minister for Financial Services, recognising his efforts on scams and financial reforms.
Australian advised clients are the most eager among global peers to invest in private markets, according to Hamilton Lane, with their knowledge of the asset class also being higher.
