FPA is recognised by Tax Practitioners Board
The Financial Planning Association (FPA) attained a significant professional milestone on behalf of its members by achieving formal recognition under the Tax Agent Services Regulations on the 21st March 2012.
This latest announcement as a recognised tax agent association by the Tax Practitioners Board (TPB) means that membership of the FPA will fulfil requirements for registration of members if they meet the relevant fit and proper person, as well as experience requirements.
Members who are already a Registered Tax Agent or Registered BAS Agent will be able to retain this status as a member of the FPA.
Mark Rantall, CEO of the FPA said:
“The announcement from the Tax Practitioners Board on the FPA being formally recognised as a Tax Agent Association will prove to be a great benefit for our members and provides further recognition of the FPA as a professional body”.
The TPB has recognised, through this accreditation, that the FPA has rules in the Code of Professional Practice and its requisite disciplinary procedures and processes that meet the TPB’s requirements for recognition as an association and that the FPA has appropriate professional and ethical standards for its members.
“This is another big win for the FPA and its members. FPA members who sign to the Code are committing themselves to provide Australians with the highest ethical standards of advice. The FPA will continue to raise professional standards for Australians receiving financial advice and those providing it. The number one principle in the FPA Code of Professional Practice requires members to place the interests of their clients ahead of their own; and FPA practitioner members all work to higher professional standards than required by law,” continued Rantall.
Separately, the FPA has confirmed that it has lodged its Code of Professional Practice for approval to ASIC on the 16th February 2012, previous to FOFA being finalised in parliament and ahead of any other industry body.