The Tax Practitioners Board (TPB) and the Financial Planning Association (FPA) have signed a memorandum of understanding (MOU) facilitating an information exchange regarding matters of mutual interest.
The MOU is the first of its kind and will enable better collaboration between the two bodies on such issues as the Code of Professional Conduct and compliance with the Tax Agent Services Act 2009.
Specifically, the MOU arrangement will allow the TPB and FPA to exchange information on concerns over misconduct by registered tax practitioners, intelligence, operational matters and de-identified data trends, and continuing professional educational opportunities.
TPB chair Ian Klug signalled other arrangements similar to this were likely to follow.
“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,” 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,” he noted.
“It also highlights what information we can legally share about registered tax practitioners who are members of the respective association.”
He said expressions of interest from other professional bodies to form similar relationships had been received since discussions with the FPA began earlier in the year.
FPA chief executive Dante De Gori expressed his organisation’s pleasure at being involved in the first arrangement of this kind.
“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,” 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.”