Statement in response to the Independent Review of the Tax Practitioner Board (TPB)

From

Dante De Gori

The FPA welcomes the release of the independent review of the Tax Practitioners Board, particularly recommendation 7.1, which recognises the need to simplify the regulatory framework for tax (financial) advisers.

The Review recommends, in alignment with implementing Recommendation 2.10 of the Final Report of the Financial Services Royal Commission, a new model be developed for regulating tax (financial) advisers in consultation with ASIC, 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. The FPA looks forward to engaging with the Government to develop a functional model for implementation in 2021.

By Dante De Gori CFP®, CEO

You must be logged in to post or view comments.