AFA gains Tax Practitioners Board accreditation

The Association of Financial Advisers (AFA) has been accepted for accreditation as a registered tax (financial) adviser association (RTFAA) by the Tax Practitioners Board (TPB).

AFA chief executive Brad Fox, says the approval from the TPB gives AFA members substantial benefits under the TPB regime which now applies to financial advisers. “We are very pleased to be the first association to obtain the RTFAA accreditation. Now, AFA members that meet the experience requirements of the TPB, being six years’ experience out of the last eight years at the time of re-registration, will not have to undertake new courses in Australian Taxation Law and Commercial Law. This is an appropriate recognition of their experience and capabilities.”

In 2013, the Tax Agent Services Act (TASA) legislation introduced the requirement that financial advisers be registered with the Tax Practitioners Board. The regime commenced on 1 July 2014, and financial advisers have progressively been registering through the current notification process.

Mr Fox says that even though the AFA expected the approval, it is an important and a clear signal to the market place that the AFA is doing everything expected of a professional financial advice association.

“Throughout our 68 year history, the AFA has adapted to changing demands to maintain our leadership position as the association of choice,” he says. “We are built upon a commitment to our members and their responsibility to provide great advice and make a positive difference to the lives of their clients. The TPB registration will allow most of our members to capitalise on their existing experience and maximise their time spent providing advice.”

The AFA’s accreditation by the TPB is timely given the recent announcements from many large licensees that have set dates by which their advisers need to have made a decision to join one of the professional associations. “Over recent months the AFA has received consistently strong feedback that our culture around engaging, supporting and developing advisers is highly respected, and when combined with our focus on leading advisers in the pursuit of professionalism and quality advice, we have an attractive proposition for all financial advisers. The TPB registration adds to that value for advisers that choose to join the AFA.”

The TPB will very shortly complete the administration process and add the AFA to their list of recognised professional associations on their website and advisers when registering with the TPB will be able to nominate their membership of the AFA.