Single disciplinary body for advisers to force TPB changes

In its 2021-22 corporate plan, the industry body referenced the move, set to come into effect in January 2022, which will remove the need for advisers to belong to a recognised professional association as part of their licensing or TPB requirements.

“This would likely result in changes to the TPB’s governed body of practitioners as responsibility for financial advisers would be transferred to the FSCP,” the plan stated.

“The TPB has been working with Treasury since the proposal was announced, and continues to work on a whole-of government basis, to reduce red tape and implement government policy so that potential regulatory gaps during transition are limited and community support is enhanced.”

TPB chair Ian Klug confirmed the TPB’s support for the establishment of the single disciplinary body.

“We will work on whole-of-government coordination to support the proposed expansion of the role of the financial services and credit panel, in particular as it relates to the provision of tax (financial) advice services,” he said.

“As we look forward, we will continue to improve and evolve our practices in response to community expectations. The community demands that we increase our digital presence and streamline our user experience.

“We will continue to invest in our systems, with the release of a new website, client management system and client interface scheduled for 2021-22.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.