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FNS Training Package Updates: What You Should Know

FNS training package qualifications extended transition period

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6 April 2023 Financial Services (FNS) Training Package Update: Transition Period Extended for FNS42020, FNS50217, FNS50417, FNS60217

On 6 April 2023, the Australian Skills Quality Authority (ASQA) announced that it had approved extended training, assessment, and certification issuance period until 31 January 2024 for continuing students of the following four qualifications in the FNS training package:

  1. FNS42020 Certificate IV in Banking Services,
  2. FNS50217 Diploma of Accounting,
  3. FNS50417 Diploma of Payroll Services,
  4. FNS60217 Advanced Diploma of Accounting.

This news will significantly impact RTOs with scope for delivery in these qualifications, particularly those with continuing students.

As an RTO with scope for delivery in these qualifications, it is crucial to understand the implications of this extended transition period. Under ASQA’s Guidance for Providers – Learner Transition, an extended transition period may be approved if there is a genuine disadvantage to a cohort of learners if such an extension is not granted. In this case, ASQA determined that an extended transition period was necessary to ensure that continuing students are not disadvantaged as the qualifications move to new versions.

ASQA consulted with the Victoria Registration and Qualifications Authority (VRQA) and Training Accreditation Council Western Australia (TAC WA) for this extended transition request, and the decision to extend the transition end date for these qualifications and cohorts had the support of PwC’s Skills for Australia, the Government of South Australia, the Department of Education, and the Victorian TAFE Accounting Network/VTAN Group.

The FNS42020 Certificate IV in Banking Services, FNS50217 Diploma of Accounting, FNS50417 Diploma of Payroll Services, and FNS60217 Advanced Diploma of Accounting will remain on a provider’s scope of registration until the end of the extended transition period. If your RTO has scope for delivery of any of the affected qualifications, you must ensure that you can continue delivering and assessing them until 31 January 2024.

As an RTO with scope for delivery in these qualifications, you must understand how this extended transition period will affect your current and future students. Communicate any changes or updates to your students and staff to ensure you meet all requirements during this transition period.

As an RTO, you must also ensure that your training and assessment strategies are up-to-date and comply with the relevant standards and regulations.

This article provides helpful information, tips, and guidelines to help you cope with the Financial Services (FNS) training updates.

June 2022 FNS Training Package Version 8.0 Update

In June 2022, the FNS training package underwent a major update, including adding of 20 qualifications and updating 11 qualifications.

Qualifications  Action 
FNS30122 – Certificate III in Financial Services  Supersedes and is equivalent to FNS30120 – Certificate III in Financial Services 

 

FNS30322 – Certificate III in Accounts Administration  Supersedes and is equivalent to FNS30317 – Certificate III in Accounts Administration 
FNS40122 – Certificate IV in Credit Management  Supersedes and is equivalent to FNS40120 – Certificate IV in Credit Management 
FNS40222 – Certificate IV in Accounting and Bookkeeping  Supersedes and is equivalent to FNS40217 – Certificate IV in Accounting and Bookkeeping 
FNS41422 – Certificate IV in General Insurance  Supersedes and is equivalent to FNS41420 – Certificate IV in General Insurance 
FNS42022 – Certificate IV in Banking Services  Supersedes and is equivalent to FNS42020 – Certificate IV in Banking Services 
FNS42222 – Certificate IV in Personal Trust Administration  Supersedes and is equivalent to FNS42215 – Certificate IV in Personal Trust Administration 
FNS50222 – Diploma of Accounting  Supersedes and is not equivalent to FNS50217 – Diploma of Accounting 
FNS50322 – Diploma of Finance and Mortgage Broking Management  Supersedes and is equivalent to FNS50320 – Diploma of Finance and Mortgage Broking Management 
FNS50422 – Diploma of Payroll Services  Supersedes and is equivalent to FNS50417 – Diploma of Payroll Services 
FNS50722 – Diploma of Superannuation  Supersedes and is not equivalent to FNS50720 – Diploma of Superannuation 
FNS50922 – Diploma of Banking Services Management  Supersedes and is not equivalent to FNS50920 – Diploma of Banking Services Management 
FNS51022 – Diploma of Financial Markets  Supersedes and is equivalent to FNS51020 – Diploma of Financial Markets 
FNS51522 – Diploma of Credit Management  Supersedes and is equivalent to FNS51520 – Diploma of Credit Management 
FNS51822 – Diploma of Financial Services  Supersedes and is equivalent to FNS51820 – Diploma of Financial Services 
FNS52022 – Diploma of Personal Trusts  Supersedes and is equivalent to FNS52015 – Diploma of Personal Trusts 
FNS60222 – Advanced Diploma of Accounting  Supersedes and is not equivalent to FNS60217 – Advanced Diploma of Accounting 
FNS60622 – Advanced Diploma of Banking Services Management  Supersedes and is equivalent to FNS60620 – Advanced Diploma of Banking Services Management 
FNS60722 – Advanced Diploma of Financial Licensing Management  Supersedes and is equivalent to FNS60720 – Advanced Diploma of Financial Licensing Management 
FNS60822 – Advanced Diploma of Integrated Risk Management  Supersedes and is equivalent to FNS60820 – Advanced Diploma of Integrated Risk Management 
FNS20120 – Certificate II in Financial Services  Updated from release 1 to release 2 
FNS30420 – Certificate III in Mercantile Agents  Updated from release 1 to release 2 
FNS40821 – Certificate IV in Finance and Mortgage Broking  Updated from release 1 to release 2 

 

FNS40920 – Certificate IV in Superannuation  Updated from release 1 to release 2 
FNS41720 – Certificate IV in Insurance Broking  Updated from release 2 to release 3 
FNS41820 – Certificate IV in Financial Services  Updated from release 1 to release 2 
FNS42120 – Certificate IV in Personal Injury Management  Updated from release 3 to release 4 

 

FNS51120 – Diploma of General Insurance  Updated from release 5 to release 6 
FNS51220 – Diploma of Insurance Broking  Updated from release 2 to release 3 
FNS51920 – Diploma of Personal Injury and Disability Insurance Management  Updated from release 2 to release 3 

 

FNS60920 – Advanced Diploma of Paraplanning  Updated from release 1 to release 2

In addition, heaps of units of competency were also added and updated in the FNS training package Version 8.0.

Units  Action 
FNSACC314 – Conduct business activities using a computerised accounting system  Supersedes and is equivalent to FNSACC304 – Conduct business activities using a computerised accounting system 
FNSACC321 – Process financial transactions and extract interim reports  Supersedes and is equivalent to FNSACC311 – Process financial transactions and extract interim reports 
FNSACC322 – Administer subsidiary accounts and ledgers  Supersedes and is equivalent to FNSACC312 – Administer subsidiary accounts and ledgers  
FNSACC323 – Perform financial calculations  Supersedes and is equivalent to FNSACC313 – Perform financial calculations 
FNSACC418 – Work effectively in the accounting and bookkeeping industry  Supersedes and is equivalent to FNSACC408 – Work effectively in the accounting and bookkeeping industry 
FNSACC421 – Prepare financial reports  New Unit 
FNSACC426 – Set up and operate computerised accounting systems  Supersedes and is equivalent to FNSACC416 – Set up and operate a computerised accounting system 
FNSACC521 – Provide financial and business performance information  Supersedes and is equivalent to FNSACC511 – Provide financial and business performance information 
FNSACC522 – Prepare tax documentation for individuals  Supersedes and is equivalent to FNSACC512 – Prepare tax documentation for individuals 
FNSACC523 – Manage budgets and forecasts  Supersedes and is equivalent to FNSACC513 – Manage budgets and forecasts 
FNSACC524 – Prepare financial reports for corporate entities  Supersedes and is equivalent to FNSACC514 – Prepare financial reports for corporate entities 
FNSACC526 – Implement and maintain internal control procedures  Supersedes and is equivalent to FNSACC516 – Implement and maintain internal control procedures 
FNSACC527 – Provide management accounting information  Supersedes and is equivalent to FNSACC517 – Provide management accounting information 
FNSACC634 – Monitor corporate governance activities  Supersedes and is equivalent to FNSACC624 – Monitor corporate governance activities  
FNSASIC311 – Establish client relationship and analyse needs  Supersedes and is equivalent to FNSASIC301 – Establish client relationship and analyse needs 
FNSASIC312 – Provide personal advice on non-relevant financial products  Supersedes and is not equivalent to FNSASIC302 – Develop, present and negotiate client solutions  
FNSASICM513 – Provide general advice in life insurance  Supersedes and is not equivalent to FNSASICM503 – Provide Tier 1 personal advice in life insurance 
FNSASICN513 – Provide advice in general insurance  Supersedes and is not equivalent to FNSASICN503 – Provide Tier 1 personal advice in general insurance 
FNSASICS513 – Provide wholesale advice in foreign exchange  Supersedes and is not equivalent to FNSASICS503 – Provide advice in foreign exchange  
FNSASICT513 – Provide wholesale advice in managed investments  Supersedes and is not equivalent to FNSASICT503 – Provide advice in managed investments 
FNSASICV513 – Provide wholesale advice in derivatives  Supersedes and is not equivalent to FNSASICV503 – Provide advice in derivatives 
FNSASICW513 – Provide wholesale advice in securities  Supersedes and is not equivalent to FNSASICW503 – Provide advice in securities 
FNSBNK411 – Coordinate small business customer portfolios  Supersedes and is equivalent to FNSBNK401 – Coordinate a small business customer portfolio 
FNSBNK412 – Align banking products with the needs of small business customers  Supersedes and is equivalent to FNSBNK402 – Align banking products with the needs of small business customers 
FNSBNK413 – Provide services in a Business Transaction Centre  Supersedes and is equivalent to FNSBNK403 – Provide services in a Business Transaction Centre 
FNSBNK513 – Provide business advisory services within a financial services context  Supersedes and is equivalent to FNSBNK503 – Provide business advisory services within a financial services context  
FNSBNK522 – Manage services in a Business Transaction Centre  Supersedes and is equivalent to FNSBNK502 – Manage services in a Business Transaction Centre 
FNSCRD412 – Establish and maintain appropriate security options for credit facilities  Supersedes and is equivalent to FNSCRD402 – Establish and maintain appropriate security 
FNSCRD413 – Manage and recover bad and doubtful debts  Supersedes and is equivalent to FNSCRD403 – Manage and recover bad and doubtful debts 
FNSCRD415 – Manage overdue customer accounts  Supersedes and is equivalent to FNSCRD405 – Manage overdue customer accounts  
FNSCRD513 – Promote client understanding of the role and effective use of consumer credit  Supersedes and is equivalent to FNSCRD503 – Promote understanding of the role and effective use of consumer credit 
FNSCRD514 – Identify and manage credit risk  Supersedes and is equivalent to FNSCRD504 – Manage the credit relationship 
FNSCUS411 – Participate in negotiations  Supersedes and is equivalent to FNSCUS401 – Participate in negotiations 
FNSCUS412 – Resolve disputes  Supersedes and is equivalent to FNSCUS402 – Resolve disputes 
FNSIAD311 – Provide general advice on financial products and services  Supersedes and is equivalent to FNSIAD301 – Provide general advice on financial products and services 
FNSIAD511 – Provide appropriate services, general advice and products to clients  Supersedes and is equivalent to FNSIAD501 – Provide appropriate services, advice and products to clients 
FNSIAD512 – Develop financial investment options and strategies for clients  Supersedes and is not equivalent to FNSIAD502 – Provide appropriate and timely information and advice to clients 
FNSINC513 – Identify and apply complex ethical decision making to workplace situations  Supersedes and is equivalent to FNSINC503 – Identify situations requiring complex ethical decision making 
FNSINC514 – Apply ethical frameworks and principles to make and act upon decisions  Supersedes and is equivalent to FNSINC504 – Apply ethical frameworks and principles to make and act upon decisions 
FNSINC611 – Apply economic principles to work in the financial services industry  Supersedes and is equivalent to FNSINC601 – Apply economic principles to work in the financial services industry 
FNSPAY511 – Process salary packaging arrangements and additional allowances in payroll  Supersedes and is equivalent to FNSPAY501 – Process salary packaging arrangements and additional allowances in payroll 
FNSPAY512 – Process superannuation payments in payroll  Supersedes and is equivalent to FNSPAY502 – Process superannuation payments in payroll 
FNSPAY513 – Process complex employee terminations in payroll  Supersedes and is equivalent to FNSPAY503 – Process complex employee terminations in payroll 
FNSPAY514 – Interpret and apply knowledge of industrial regulations relevant to payroll  Supersedes and is equivalent to FNSPAY504 – Interpret and apply knowledge of industrial regulations relevant to payroll 
FNSPAY515 – Interpret and apply knowledge of taxation systems relevant to payroll  Supersedes and is equivalent to FNSPAY505 – Interpret and apply knowledge of taxation systems relevant to payroll 
FNSPRT311 – Establish entitlements to intestate estates  Supersedes and is equivalent to FNSPRT301 – Establish entitlements to an intestate estate 
FNSPRT312 – Administer non-complex estates  Supersedes and is equivalent to FNSPRT302 – Administer a non-complex estate 
FNSPRT313 – Administer non-complex trusts  Supersedes and is equivalent to FNSPRT303 – Administer a non-complex trust 
FNSPRT412 – Prepare wills  Supersedes and is equivalent to FNSPRT402 – Prepare a will 
FNSPRT413 – Administer complex estates  Supersedes and is equivalent to FNSPRT403 – Administer a complex estate 
FNSPRT414 – Administer complex trusts  Supersedes and is equivalent to FNSPRT404 – Administer a trust dealing with complex matters 
FNSPRT415 – Prepare and establish powers of attorney  Supersedes and is equivalent to FNSPRT405 – Establish powers of attorney or financial administration orders 
FNSPRT416 – Administer powers of attorney and financial administration orders  Supersedes and is equivalent to FNSPRT406 – Administer powers of attorney or financial administration orders 
FNSPRT417 – Investigate and substantiate entitlement in intestate estates  Supersedes and is equivalent to FNSPRT407 – Investigate and substantiate entitlement in an intestate estate 
FNSPRT511 – Advise clients on trust structures  Supersedes and is equivalent to FNSPRT501 – Advise clients on trust structures 
FNSPRT512 – Advise clients in estate planning  Supersedes and is equivalent to FNSPRT502 – Advise clients in estate planning 
FNSPRT513 – Assess, allocate and supervise work within the personal trustee sector  Supersedes and is equivalent to FNSPRT503 – Assess, allocate and supervise work within the personal trustee sector 
FNSPRT514 – Develop and maintain knowledge of the regulatory environment relevant to trustee organisations  Supersedes and is equivalent to FNSPRT504 – Apply knowledge of the regulatory environment relevant to trustee organisations 
FNSPRT515 – Develop and maintain knowledge of financial services and assets  Supersedes and is equivalent to FNSPRT505 – Develop and maintain knowledge of financial services and assets 
FNSPRT516 – Develop understanding of traditional trustee services  Supersedes and is equivalent to FNSPRT506 – Develop understanding of traditional trustee services 
FNSPRT517 – Apply principles of fiduciary duty, substituted decision making and ethical decision making  Supersedes and is equivalent to FNSPRT507 – Apply principles of fiduciary duty, substituted decision-making and ethical decision-making 
FNSPRT518 – Administer charitable trusts  Supersedes and is equivalent to FNSPRT508 – Administer a charitable trust 
FNSRTS314 – Administer card services  Supersedes and is equivalent to FNSRTS304 – Administer debit card services 
FNSRTS315 – Process customer accounts  Supersedes and is equivalent to FNSRTS305 – Process customer accounts 
FNSRTS316 – Process customer transactions in retail financial organisations  Supersedes and is equivalent to FNSRTS306 – Process customer transactions 
FNSSAM311 – Provide ancillary products and services that meet client needs  Supersedes and is equivalent to FNSSAM301 – Identify opportunities for cross-selling products and services 
FNSSAM413 – Identify and provide initial information to potential new clients  Supersedes and is equivalent to FNSSAM403 – Prospect for new clients 
FNSSAM421 – Provide information on financial products and services to clients  Supersedes and is equivalent to FNSSAM411 – Sell financial products and services 
FNSSAM422 – Implement promotional strategies for financial products and services  Supersedes and is equivalent to FNSSAM402 – Implement a sales plan 
FNSSAM512 – Assess market needs and identify opportunities for new financial products and services  Supersedes and is equivalent to FNSSAM502 – Assess market needs 
FNSSAM521 – Apply advanced techniques to provide financial products and services  Supersedes and is not equivalent to FNSSAM511 – Apply advanced techniques to sell financial products and services 
FNSSAM611 – Monitor performance of financial products and services in meeting client needs  Supersedes and is equivalent to FNSSAM601 – Monitor performance in sales of financial products or services 
FNSTPB411 – Complete business activity and instalment activity statements  Supersedes and is equivalent to FNSTPB401 – Complete business activity and instalment activity statements 
FNSTPB412 – Establish and maintain payroll systems  Supersedes and is equivalent to FNSTPB402 – Establish and maintain payroll systems 
FNSTPB516 – Apply taxation requirements when providing tax (financial) advice services  Supersedes and is equivalent to FNSTPB506 – Apply taxation requirements when providing tax (financial) advice services 
FNSTPB517 – Apply legal principles in commercial law when providing tax (financial) advice services  Supersedes and is equivalent to FNSTPB507 – Apply legal principles in commercial law when providing tax (financial) advice services 
FNSFPL402 – Prepare financial plans to set strategies and guidelines  Deleted 
FNSFPL403 – Implement financial plans to predetermined guidelines  Deleted 
FNSFPL503 – Develop and prepare financial plan  Deleted 
FNSFPL504 – Implement financial plan  Deleted 
FNSFPL505 – Review financial plans and provide ongoing service  Deleted 
FNSIGN401 – Provide technical guidance  Deleted 
FNSIGN402 – Inspect quality of work  Deleted 
FNSIGN403 – Estimate jobs  Deleted 
FNSIGN406 – Inspect property for saleable items and determine their value  Deleted 
FNSILA505 – Provide ancillary services  Deleted 
FNSILF408 – Process life insurance contract maturity and surrender payment requests  Deleted 
FNSASIC303 – Provide advice on first home saver account deposit products and non-cash payments  Deleted 
FNSASICO503 – Provide Tier 1 general advice in general insurance  Deleted 
FNSASICQ503 – Provide advice in first home saver market linked accounts  Deleted 
FNSASICU503 – Provide advice in superannuation  Deleted 
FNSASICX503 – Provide advice in life insurance  Deleted 
FNSCUS601 – Establish, manage and monitor key relationships  Deleted 
FNSPRM604 – Prepare, supervise and monitor application of practice guidelines  Deleted 
FNSPIM424 – Assist personal injury clients with job placement  Updated from release 1 to release 2

For the full scope of FNS training updates, visit training.gov.au.

Reasons for FNS Training Updates

The financial services sector in Australia is a large and diverse industry that includes various types of institutions and businesses. Some key players in the industry include banks, insurance companies, asset managers, and financial advisers. There are several reasons that could cause a new FNS package release, here are a few of them:

  1. Regulatory changes

    Regulatory bodies are responsible for ensuring financial services providers comply with relevant laws and regulations. As these regulations and guidelines are updated, the FNS training package must also adapt to meet the new requirements. This ensures that the financial service providers have the necessary skills and knowledge to comply with the laws and regulations.

  2. Technological advancements

    With the rise of digital platforms and online banking, financial services providers are looking for employees trained in these new technologies. Training packages in Australia must adapt to include instruction on these new technologies to ensure that the workforce is equipped to handle the changing demands of the industry.

  3. Industry trends

    The financial services industry is constantly evolving, and new products and services are continuously being introduced. FNS training package must adapt to include instruction on these new products and 0services to ensure that the workforce is ready to handle the changing demands of the industry.

  4. Changes in demand

    As the industry evolves, certain skills and knowledge may become less relevant while others may become more in demand. The training package must adapt to meet these changing demands to ensure that the workforce is equipped with the necessary skills and knowledge.

  5. International developments

    The financial services industry is global, and developments in other countries can also impact the industry in Australia. The training package must adapt to include instruction on these international developments to ensure that the workforce is equipped to handle the changing demands of the industry.

How Do FNS Training Updates Affect the RTOs?

Changes to the FNS training package in Australia can affect RTOs in terms of compliance, cost, and training demands.

First, changes to regulations and guidelines may require RTOs to update their training programs and materials to ensure that they comply with the new requirements. This involves acquiring high-quality and updated training resources.

Second, the increasing use of technology in the industry also affects RTOs. With the rise of digital platforms and online banking, financial services providers are looking for employees trained in these new technologies. RTOs must adapt to this change by updating their training programs to include instruction on these new technologies. This is a significant challenge for RTOs, as they may need more expertise or resources to develop and deliver training in these new areas.

Third, changes in the FNS training package may affect the demand for certain types of training. As the industry evolves, certain skills and knowledge may become less relevant while others may become more in demand. This can impact RTOs by affecting their enrolment and revenue. If a specific training program is no longer relevant or in demand, RTOs may need to adapt by offering new programs or finding new markets to serve.

If there are changes in the financial services training packages in Australia, RTOs must adapt to new regulations, technologies, and industry trends to remain competitive and continue providing high-quality training and education. This requires a significant investment of time, resources, and expertise, but RTOs need to stay relevant and meet the financial services industry’s needs.

What RTOs Need to Do When There Are New FNS Training Updates

If the FNS training package change, it is important to note which training products have been affected – superseded and equivalent, superseded but not equivalent, deleted, and updated. RTOs should take the following actions:

  • Update your training resources to the latest versions
  • Add the new training products to your existing scope of registration
  • Transfer any ongoing students to the updated training product
  • Ensure that all students finish their course before the transition deadlines
  • Remain compliant with all regulations and guidelines

Sometimes, a product may be removed and not replaced with a different one. If a training package product under your scope of registration has been deleted, it is important to ensure that students can complete their studies within the following timeframes:

  • 1 year after the product is deleted for units and skill sets
  • 2 years after the product is deleted for qualifications

The affected training products will remain on your scope of registration until the end of the transition period unless you choose to withdraw them beforehand. Once the products are removed from your scope of registration, you should also ensure that there are no further enrolments or issuance of statements of attainment in the removed products. 

Need FNS RTO Training Resources? Contact Us Now!

With constant FNS training updates, ensure that your FNS Training Package RTO materials are up to date by contacting a trusted Australian publisher such as Compliant Learning Resources.

We have a wide range of high-quality training resources to suit your needs. Explore our extensive online catalogue for all your RTO materials requirements.

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