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The Tax Practitioners Board will now have greater oversight over a professional association’s members as the regulator hints at a sign of things to come with a new agreement.
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TPB signals new regulatory approach with ‘first of its kind’ agreement
25 June 2020
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The Tax Practitioners Board has now signed a memorandum of understanding (MOU) with the Financial Planning Association of Australia (FPA).
The first agreement of its kind will now allow the TPB and the FPA to exchange information on misconduct by registered tax practitioners; intelligence, operational matters and de-identified data trends; and continuing professional education opportunities.
TPB chair Ian Klug said other recognised professional associations would soon follow suit, with several expressions of interest having already been lodged with the regulator.
Mr Klug did not disclose the potential associations, but he noted that this first MOU had set out a clear and practical framework for engagement, co-operation and proactive information sharing between the two organisations.
“This is our first finalised MOU with a recognised professional association, but we expect more to come as we continue to work closely with other associations to develop similar agreements,” Mr Klug said.
“The purpose of this agreement, and the others that will follow, is to make it clear that both organisations are committed to working collaboratively for the betterment of the tax profession.
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“It also highlights what information we can legally share about registered tax practitioners who are members of the respective association.”
FPA chief executive Dante De Gori said the MOU would help protect consumers by facilitating the exchange of information relating to member misconduct.
“The FPA has built a strong and close working relationship with the TPB over the past eight years as tax (financial) advisers have integrated into the TPB, and we have seen the benefits of a regulator whose primary focus is on the relationship between a professional and their client,” he said.
“The FPA has demonstrated a commitment to enforcing and holding members accountable to professional codes of ethics for over 25 years, and we welcome the opportunity to work more closely with the TPB on encouraging professional behaviour for the protection of consumers.”
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