The Financial Planning Association of Australia has signed a Memorandum of Understanding with the Tax Practitioners Board, in a move which both parties say will set out a clear framework for engagement, cooperation and proactive information sharing going forward.
The MOU will facilitate the exchange of information on matters relating to the Tax Agent Services Act 2009 and the Code of Professional Conduct.
FPA chief executive Dante De Gori said the association was honoured to be the first of its kind to enter into an MOU with the tax organisation.
"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," he said.
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"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."
TPB chair Ian Klug said the tax organisation had received several expressions of interest from other professional organisations, with more agreements expected for the coming months.
"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," he 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.
"It also highlights what information we can legally share about registered tax practitioners who are members of the respective association."
The agreement will allow for the exchange of information between the TPB and the FPA on issues relating to misconduct of registered tax practitioners, operational matters and data trends, and professional education opportunities.