The Financial Advice Association is pushing to confirm proposed changes that will introduce “financial adviser/planner” and “paraplanner” into the government’s official classification of occupations.
The Australian Bureau of Statistics has been reviewing the Australian and New Zealand Standard Classification of Occupations, which classifies every legal and remunerated occupation and job in the Australian and New Zealand labour market.
“It’s important that while the ABS is looking to update its classifications or occupations, this brings them in line with the changes in the profession, particularly over the last five years,” FAAA chief executive Sarah Abood tells Professional Planner.
In a submission to the fourth round of consultation, the association says including specific, relevant designations for advisers will result in more accurate data to inform the industry, education sector and the government on “critical matters” including skills shortages, migration needs, work participation and the demand for relevant education.
“These occupation names, titles and associated skills included in the current ANZSCO, do not reflect provisions in the Corporations Act or current roles and practices in the financial services industry,” the submission says.
“This classification mixes up unrelated roles across different parts of the financial services industry.”
Due to the provision of advice being heavily regulated in Australia, the association notes the titles used for the occupations that can legally provide advice are protected by law, by individuals who have met legally mandated education and training.
The FAAA has notified members to fill out a survey as part of the consultation to support the changes.
“It helps support the change if more people are completing that survey and saying ‘yes, we believe this change to the name of our profession is appropriate’,” Abood says.
“It’s not a policy change or anything of that nature, it’s recognising the evolution of the financial advice profession.”
The latest, and final round, of consultation will close on Friday, 6 September, and the updated classification is expected to be published in December.
