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.”
I’d love a refund of my triplicate TPB fees for
the last umpteen years. Sadly no matter whom you vote for: Labor Liberal Liberal Democrat Greens, it won’t make a lick of change. The rhetoric in parliament for the next 10 years will be covid, vaccine rollout,
Covid Jobs, borders, climate change, recession/interest rates, climate change – and hopefully not war anywhere. Knuckle down, do your file notes and keep your head low. With any luck in 10 years we can resurrect an industry
TPB = Fee for no service. Still don’t know why i have to pay them to play.
Surely recognition must go to the TPB for the wonderful job of accepting fees and doing absolutely NOTHING! Bureaucracy at it’s finest.
Due the Liberal government, I have to have TPB membership, so does my trading business, and so does my company which holds the AFSL. Three red-tape membership applications and three membership fees for just one adviser.
This is the Liberal Party – clueless, Big Government, red-tape loving bureaucrats.
Bill Shorten was the minister responsible for TASA. We’ve been paying TPB membership fees thanks to him.
No wonder Dante resigned, this is the nail in the coffin for the FPA without this compulsory membership.