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:
- FNS42020 Certificate IV in Banking Services,
- FNS50217 Diploma of Accounting,
- FNS50417 Diploma of Payroll Services,
- 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:
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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.
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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.
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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.
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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.
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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.
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