The requirement should be in place to ensure a professional and ethical framework for these advisers, the institute said.
The call came in a submission to the Treasury discussion paper Proposed registration requirements for registered tax (financial) advisers, with higher standards to benefit both consumers of tax advice and the profession, according to the institute.
“We are pleased the design stage for the regulations that will govern the registration options for financial advisers who are required to register under TASA has now been reached,” the submission stated.
Commenting on Treasury’s four proposed registration options, the institute said despite its view that “the more education the better”, it also noted that Treasury is looking for a compromise between stakeholders.
The first option would require a degree in a “relevant discipline”, and the second would require a diploma from a registered training organisation (RTO) or equivalent institution.
The institute recommended that if a national RTO-assessed exam is implemented, then from 1 July 2014, when TASA applies to advisers, “only diplomas or higher awards which are awarded incorporating formal examination for assessment [should] be recognised” under the diploma option.
