Members of the Financial Planning Association (FPA) can now be formally recognised under the Tax Agent Services Regulations.

The FPA has been recognised as a tax agents’ association by the Tax Practitioners Board, meaning that as long as members meet the experience requirements they can give advice on taxation.

Members who are already a registered tax agent or registered business activity statement agent can maintain their FPA membership.

CEO Mark Rantall says the move provides further recognition of the association as a professional body with a code of professional practice that includes disciplinary procedures.

“This is another big win for the FPA and its members,” he said. “FPA members who sign to the code are committing themselves to provide Australians with the highest ethical standards of advice.”

Mr Rantall says the code requires members to place the best interests of clients ahead of their own and to work to higher professional standards than required by law.

The FPA has already registered its code with the Australian Securities and Investments Commission ahead of the Future of Financial Advice reforms that will require associations’ codes to be approved by the regulator.