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The Financial Planning Association (FPA) has hit out at the Tax Practitioners Board (TPB) for failing to align the rules for tax financial advisers with the Financial Adviser Standards and Ethics Authority (FASEA) regime while failing to define what actually represents tax financial advice that falls outside the definition of financial advice.
In a strongly worded submission to the TPB the FPA said it was extremely disappointed “by the TPB’s reluctance to unconditionally accept the [Continuing Professional Education] CPE 1 completed for FASEA purposes as meeting the TPB CPE requirements for tax (financial) advisers (TFAs).
“The FPA notes that the TPB have mirrored many of the FASEA requirements in the proposed amendments to its CPE policy. However, as these proposals do not replicate in whole the higher FASEA requirements without conditions, it creates two mis-matched systems that will lead to confusion and more red tape for tax (financial) advisers,” the FPA said.