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The SMSF Association has confirmed its support for the establishment of a single advice disciplinary body. In a statement issued on Tuesday, SMSF Association CEO John Maroney said the move would be a
The new measures to streamline registration of financial adviser and inclusion of tax adviser under one umbrella should not be distorted, as registration should be an obligation on the individual rather than on the licensee, according to the SMSF Association.
He also noted that urgent consideration was needed for advisers who registered as tax financial advisers based on specific experience with approved professional body memberships.
“Given the Financial Adviser Standards and Ethics Authority [FASEA] education standards must be completed by 1 January, 2026, transitional measures will be required to ensure these advisers can renew their registrations after 1 January, 2022, and continue to provide these services,” he said.
The association said it welcomed the establishment of the single advice disciplinary proposal as it would remove the complexity around multiple registration, regulatory bodies, and codes.
“It is an important step in raising standards, providing consistency and simplification with the use a single body – the Financial Services and Credit Panel (FSCP) within ASIC. Its role is to monitor, review and where necessary discipline the sector,” Maroney said.