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Following FAAA advocacy, the Australian Bureau of Statistics (ABS) has recognised the financial advice profession with in-principle acceptance of our 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 supported our call to introduce a new classification of Paraplanner as an emerging occupation.
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 ANZSCO is also heavily used by business, education providers and other stakeholders who rely on the accuracy of the occupation categorisation and data sets.
The ABS’ Consultation Round 1 Preliminary Proposed Changes have been released for information. Consultation on the complete set of proposed changes will take place in mid-2024 following the completion of all initial occupation consultation rounds. The ANZSCO update will be finalised Dec 2024.
Find out more about the ABS Comprehensive Review of ANZSCO