Go to top of page

New guidance on confidentiality requirements for tax (financial) advisers

Friday, May 5, 2017

Media release

New guidance on confidentiality requirements for tax (financial) advisers

Following extensive consultation, Chair of the Tax Practitioners Board (TPB), Mr Ian Taylor, has today confirmed release of a new TPB information sheet on obligations regarding confidentiality of client information under the Code of Professional Conduct (Code).

This information sheet has been developed to assist registered tax (financial) advisers in understanding their confidentiality obligations under Code Item 6. It provides an explanation of this Code item (including a comparison with the Corporations Act 2001) and guidance on how to comply with the Code item, including examples of how the item applies.

‘We were keen to ensure that our key stakeholders had an opportunity to contribute to the development of this new information sheet,’ Mr Taylor said.

‘Consultation was conducted with financial planning associations through the TPB Financial Adviser Forum, as well as government agencies including the Australian Securities and Investments Commission (ASIC).’

Public submissions on the original exposure draft closed on 19 February 2016 and the TPB then undertook a further round of consultation to further refine the information sheet.

‘The result of our extensive consultation process is practical guidance to assist tax (financial) advisers to understand how to comply with their confidentiality obligations under the Code,’ Mr Taylor said.

‘I encourage all registered tax (financial) advisers to read the new information sheet and familiarise themselves with its contents.’

For media enquiries, please contact communications [at] tpb.gov.au (Communications) or phone 02 6216 2993.

About the Tax Practitioners Board

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.

Follow us on Twitter @TPB_gov_au and LinkedIn.