ASIC oversees the regulation of financial planners and all aspects of financial planning advice that they provide, including tax.

Contrary to initial press reports, today’s announcement will not force Financial Planners to adhere to standards set by the Tax Practitioners Board but rather competency levels will be established by ASIC, in consultation with the Tax Practitioners Board.

However, the FPA does believe dual regulation of tax and financial planning will add to cost, confusion and complexity for consumers.

“We support the lifting of competency standards for financial planners in all areas of advice including tax but do not support duplication of licensing and registration that will add another layer of compliance and ultimately push up the cost of advice for all Australians,” FPA CEO Mark Rantall said.

“The FPA sees no benefit for the industry or the consumer if financial planners were to be registered under both ASIC and the Tax Practitioners Board.”

“Financial Planners are not Tax Agents and do not seek to be. They don’t lodge client tax returns or deal with the ATO regarding their tax returns.”

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