ASIC Commissioner Greg Tanzer has advised that ASIC and the Tax Practitioners Board (TPB) have been working together “to ensure the smooth transition of the new regulatory regime” for financial advisers providing tax advice. From 1 July 2014, the TPB regulates financial advisers who provide tax (financial) advice services under the Tax Agent Services Act 2009 (TASA). ASIC noted that financial advisers will continue to be licensed (or authorised under an Australian financial services licensee) by ASIC and that adviser obligations under the Corporations Act 2001 remain unchanged.
ASIC also noted that “over the coming months” it will update Regulatory Guide 175 Licensing: Financial product advisers – Conduct and disclosure to reflect the status of the TASA legislation. ASIC will also amend RG 175 to provide guidance on its expectations of how the TPB’s training requirements for registration as a tax (financial) adviser may intersect with the expertise limb of the safe harbour to the best interests duty: see s 961B(2)(d) of the Corporations Act.
Further information is available on the ASIC website.
Source: ASIC media release 14-152MR, 3 July 2014
[LTN 126, 3/7/14]