FAAA submission on the Occupation Standard Classification for the ABS
29
Apr
2026
From FAAA - Financial Advice Association Australia
The FAAA has made recommendations on the appropriate wording for the three occupations of ‘financial adviser’.
In its submission to the Australian Bureau of Statistics on updating the standard classification of occupations, the FAAA has made recommendations on the appropriate wording for the three occupations of ‘financial adviser’, to help avoid confusion and inaccurate data used for informing critical government policy decisions.
It says:
“We welcome the change from the ANZSCO to the OSCA in 2024, which included an update to the occupation of ‘financial adviser’ (2121) to more closely reflect the current legal requirements to practice in the profession. We would encourage all government departments to adopt the OSCA as soon as possible to ensure consistency in the data sets that inform policy decisions.
However, we have the following concerns about the current OSCA occupations of ‘financial adviser’ (2121) and ‘financial adviser’ (212131). The descriptions for these occupations do not:
- separately identify different types of financial advisers that can be licenced under the Corporations Act, or
- accurately describe the skill level for financial advisers to be legally licensed.”
