Return 'may just add work for advisers'
The regulator has issued a second consultation paper on the proposed reporting requirements for authorised financial advisers, including an updated version of the information return.
The return is a detailed questionnaire running to more than 20 pages that asks for information about the adviser and their business.
One of the least popular aspects of the original draft were questions such as “what was your gross income from financial adviser services for your last completed tax year” and for details of how the adviser’s income level had changed, year on year.
Adviser Carey Church made a submission: “What is the purpose of requesting information on my personal income from financial adviser services? What is this information going to be used for? What is the precedent for requesting this information? My personal taxable income and share of the profit from my work is personal and confidential information."
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