ABS recognises financial advice profession

The ABS has recognised the financial advice profession with in-principle acceptance of the Financial Advice Association Australia’s (FAAA) recommendation to use the protected terms “financial adviser/financial planner” as the principal title of its occupation unit.

In proposed changes to the Australian and New Zealand Standard Classification of Occupations (ANZSCO), the ABS has also extended its recognition with the introduction of a new classification of paraplanner as an emerging occupation.

“Stakeholder feedback helped identify key areas for improving the occupations in-scope of the financial and insurances focus area and helped to shed light on emerging trends and occupations within the sector,” the ABS said in its proposed changes.

“Industry bodies shared valuable perspectives, offering insights into the changing regulatory landscape, evolving job roles, and the need to address ‘back office’ and ‘stepping-stone’ positions. This knowledge proved instrumental in ensuring ANZSCO’s relevance and responsiveness to the dynamic labour market.”

The ABS added that stakeholder expertise was “essential in refining the language used in ANZSCO”, particularly when it concerned areas such as the provision of independent advice.

“The collaborative efforts of stakeholders further assisted in the identification of emerging occupations and has provided a roadmap for future updates to continuously evolve ANZSCO and accurately represent the evolving job landscape,” it said.

In a statement, the FAAA said the ABS recognition was critical for the financial advice profession.

“Improving the ANZSCO to better reflect the provisions in the Corporations Act and current roles and practices in the profession is critical as its classification of occupations underpins the data set that informs all government policy decisions including on vital matters such as immigration, education and training, financial literacy and financial services,” the FAAA said.

“The ANZSCO is also heavily used by business, education providers, and other stakeholders who rely on the accuracy of the occupation categorisation and data sets.”

Consultation on the complete set of proposed changes will take place in mid-2024, with the ANZSCO update to be finalised in December 2024.