Speaking to InvestorDaily, TPB chair Ian Taylor said his organisation had been working with ASIC for "at least 18 months".
"The [tax (financial) adviser regime] is a regime where entities are already registered with ASIC – and every AFSL and authorised representative is [currently] registered with ASIC," said Mr Taylor.
"The main basis of the MOU with ASIC is to deal with the sharing of information and working cooperatively with the two organisations," he said.
Under the agreement, ASIC will provide the TPB with "all of the information it has about AFSLs and authorised representatives" in order to make it easier for advisers to register and to "reduce red tape", said Mr Taylor.
However, there are no plans to put in place a similar agreement between the TPB and the external dispute resolution schemes – namely, the Financial Ombudsman Service (FOS) and the Credit Ombudsman Service (COSL).
"We’ve been involved in extensive consultations – probably for the last eight to nine months – across the financial services industry. As part of that process we’ve met with FOS and COSL," said Mr Taylor.
The meetings with the ombudsman services stemmed from concerns expressed by the industry during the consultation around the tax (financial) adviser regime that "there might be overlap between what we might do and what they might do", he said.
But after discussions with FOS and COSL, the TPB has decided there will be no overlap between the bodies.
"We’re not envisaging that we need any MOU with FOS or COSL. There will be cooperation between the organisations, and as part of the current processes where they refer something to ASIC it might then be referred on to us as well," said Mr Taylor.
While the TPB does not have the power to order clients be compensated (like FOS and COSL), it can apply certain sanctions which can be appealed in the Administrative Appeals Tribunal.
"These include a decision to place an order on somebody to do something – and that could be an education course – or we could suspend somebody, or we could terminate them," said Mr Taylor.
Financial planners who provide tax advice can notify the TPB and become registered as tax (financial) advisers from 1 July.
