The National Tax and Accountants’ Association (NTAA) represents over 7,500 firms of tax agents and accountants.

Roger Cotton, spokesman for the new association, said “The new association has been set up in response to concerns that large financial institutions that dominate the financial planning sector have actively lobbied successive governments to move to limit the advice that accountants and tax agents have traditionally provided to their clients.”

“Further, as the vast majority of existing planners are aligned with a specific financial institution, their advice can be tainted.”

In a media statement, a spokesman for the new association advised that it would have rigorous entry standards, vigilant ongoing educational standards, and an ethical Code of Conduct based on the Federal Government’s Tax Agent Services Regime.

“It will lift the bar on traditional financial planners by providing the market with an alternative financial planner who is not only a qualified financial planner but an extremely well qualified tax agent or accountant who will often be the client’s own current trusted adviser,” Cotton said.