In a statement, the TPB said it had entered into a memorandum of understanding (MOU) with the FPA to share information across the two bodies regarding adviser misconduct, as well as industry data trends and continuing professional education.
TPB chair Ian Klug said the MOU would facilitate information exchange about matters of mutual interest between the two bodies.
“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.”
FPA chief executive Dante De Gori said the agreement was a testament to the association’s close relationship with the TPB.
“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,” Mr De Gori 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.”
This just sounds like the TPB trying to stay relevant, so they can keep charging adviser fees for no service. What is it they do exactly?
that’s Two bodies (the FPA and TPB) trying to stay relevant
Let me see a body that has been officially set up By the government and has downloads from the ATO Has entered a MOU with a professional body
Don’t you think that as a minimum this Information should be Shared with all professional bodies to stamp out misconduct
The bigger question seems to be is this ethical and equitable from the TPB
Senator Hume you really need to educate some of these public bodies on making ethical decisions in societies interest not just to appease the ego on one professional body
Is there any chance we can call out FPA staff, ASIC staff, APRA staff, industry super etc etc and shame them , in addition what about all of the product providers who promote their products to trusting advisers only to turn on them when their products fail. CBA advisers, NAB adviers, AMP advisers all shamed for distributing what they were forced to distribute.
If you’re the last remaining member of the FPA, please resign from these clowns, otherwise we’ll be buried in red tape for ever. Join the Stockbrokers and Financial Association $550. Or FINSIA $550 or SMSF Association etc etc etc or registered with the TPB.
Well said Melbourne Michael. Here you were thinking the FPA were negotiating a FASEA exam or working hard for members during Corvid19. Nope, working hard for their own self interest. Whilst other associations are trying to reduce red tape by removing the additional regulatory body of the TPB, the FPA is doing the opposite for it’s own benefit.
The FPA is haemorrhaging members. The majority of FPA members only retain their membership either for 1) a CFP logo or 2) they need it to meet TPB status. So forming close relationship is a strategic decision that only benefits the FPA. The FPA sold members out on that legislation and now the FPA will do anything to lock people into being members of the FPA by any means possible.
Please IFA stop referring to the FPA as a [i]Professional[/i][i][/i] association. The FPA only puts their needs first and that’s not professionalism.
Once again teh FPA betrays its members. This is a desperate attempt by this organization to remain relevant. I wont be renewing my membership again
Yeah, yeah, yeah. You’ll renew. Then you’ll whine and moan for another 12 months.
The biggest whiners about the FPA are advisers with minimal education who were gifted the CFP designation 20 odd years ago. They complain endlessly about how worthless the CFP is, and how “no-one ever asks if I’m a CFP”. Yet they can’t bear to let go of it because they have no real qualifications.
ha ha spot on…I don’t know how they can sleep at night.
it’s so true. bunch of duds. the biggest bunch of whiners with no real qualifications proudly displaying their cfp. I have a cfp and a master of fin plan, I earned them both.
You got ripped. I’ve never in 20 years had someone come to me because I was a member of the FPA or a CFP. Save some money and just join the cheapest body out there, because the FPA focus is on itself and we can’t become professionals with that representation.
Hmmmmm Wonder what this is all about.
some one in the FPA wants a chair on the board of the TPB.
The TPB and the FPA both wastes of time and money. The TPB have collected in excess of $10m in fees from TFA’s and we have actually received nothing for it. Their website and adviser lookup is amateur hour and you can never get the same answer from 2 different people at the TPB.
The FPA should be looking to stand on its own feet rather than cozy up with other organisations. We saw how little regard the politicians have for the FPA in the recent FASEA extension mess.