TPB amends CFP study rules

25-Nov-2016

By Daniel Paperny

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The Tax Practitioners Board of Australia (TPB) has loosened its grip on the qualification requirements for advisers with the FPA’s certified financial planner (CFP) designation by allowing them to re-register without being required to complete further study.

And the FPA announced at its 2016 Professionals Congress in Perth yesterday that those who have completed units CFP 1-5 will now be deemed to have completed an approved Australian tax law subject and will only need to complete an additional course in commercial law to register with the TPB.

Commenting on the announcement, FPA chief executive Dante De Gori said the FPA was pleased to have secured this recognition for its members to strengthen the credibility of its program and to be seen as an approved course provider.

“At the FPA we believe that high quality education is an important part of raising financial planning standards and building consumer confidence in our profession,” De Gori said.

“For CFP professionals who do not meet the experience requirements, this will mean that they are only required to complete the commercial law course to re-register with the TPB and continue to provide tax [and] financial advice.”

Current requirements for advisers are six years’ full-time experience over the last eight years, the FPA confirmed.

According to De Gori, FPA voting members who do meet these requirements are still eligible to re-register without needing to complete any further studies.

“For FPA members who have not yet renewed their TPB registration, we encourage you to check the TPB website for when your registration expires, as this may be as soon as 31 July 2017,” he said.

The TPB first recognised the FPA as a tax agent association in 2012, meaning FPA members who were already registered tax or business activity statement (BAS) agents were permitted to retain this status as a member of the FPA.

The news followed the launch of an ASIC-approved FPA code of practice yesterday.

It encompasses FPA members engaging clients in ongoing fee arrangements and extends beyond existing legislative provisions for consumer protection, while also catering to the needs of advisers.

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