The association has called for whistleblower protections for individuals and entities who disclose information to professional bodies, along with other changes.
The Financial Advice Association of Australia (FAAA) has made four key recommendations for improving whistleblower protections in response to Treasury’s review of tax and corporate whistleblowing in Australia.
The review into whistleblower protections follows the investigation into misconduct allegations made against KPMG, which were raised by a whistleblower and aired in Parliament earlier this year.
The big four firm has come under scrutiny for its treatment of the whistleblower and the firm’s failure to adequately investigate their allegations. Most recently, KPMG has disclosed newly uncovered evidence to regulators, which substantiated one of the whistleblower’s allegations about the improper handling and sharing of confidential information after the allegation was previously denied.
The fallout from the KPMG misconduct allegations has intensified calls by associations such as FAAA for stronger whistleblower protections and reporting mechanisms to ensure misconduct within professional services firms is identified and reported.
One of the key recommendations in FAAA’s submission is for corporate and tax whistleblower regimes to recognise the role of AUSTRAC and make clear how the AML/CTF regime interacts with the whistleblowing requirements and protections.
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