Following advocacy from the Financial Advice Association Australia (FAAA), the Australian Bureau of Statistics (ABS) has made a step forward in greater recognition for the financial advice profession.
The ABS has accepted the FAAA’s recommendation to utilise the protected terms of ‘financial adviser/financial planner’ as the principal title of its occupation unit.
Additionally, the statistical agency has shown support for the FAAA’s suggestion to implement a new ‘paraplanner’ classification as an emerging occupation.
Previously, professionals working in the advice industry were classified under the principal title of ‘financial investment advisers’.
The FAAA’s advocacy parallels the industry’s greater efforts to recognise financial advice as a profession.
Measures since the Hayne royal commission and the increased educational standards have encouraged greater professionalisation to move the industry away from a ‘sales culture’ and towards a profession like doctors or lawyers.
The news follows the proposed changes to the Australian and New Zealand Standard Classification of Occupations (ANZSCO).
From 1 February to 28 April 2023, the ABS opened consultation to the public regarding what changes should be made to the ANZSCO list.
The comprehensive review aims to better reflect the contemporary labour market and the Corporations Act provisions alongside meeting stakeholders’ needs, says the ABS.
Occupations within financial and insurance services were a key focus area during the first round, as well as accounting services, education and childcare services amongst others.
The second consultation round, opened from 15 June to 11 August, focused on industries including property and real estate, medical services and manufacturing.
In mid-2024, consultation on the complete set of proposed changes will take place, followed by a finalised ANZSCO update in December next year.
