05 May 2023 FNS Training Package Update: Extended Transition Period for FNS Training Package Qualifications
Australia’s financial services sector is a fast-paced and dynamic industry that demands a skilled and flexible workforce. The training packages for professionals in this sector must keep pace with the industry’s ongoing evolution. Consequently, updates to the Financial Services (FNS) training can significantly impact Registered Training Organisations (RTOs) that provide education and training to financial services personnel.
FNS Training Package Updates
The Australian Skills Quality Authority (ASQA) gives the green light for the extended transition period for specific Financial Services Training Package qualifications, according to an announcement made on 6 April 2023. As part of this decision, ASQA has also extended the training and assessment period until 31 January 2024, for students who are currently enrolled in four FNS training package qualifications in Australia
The qualifications include the following:
- FNS42020 Certificate IV in Banking Services
- FNS50217 Diploma of Accounting
- FNS50417 Diploma of Payroll Services
- FNS60217 Advanced Diploma of Accounting
The extension of the transition period for these qualifications will have a substantial impact on Registered Training Organisations (RTOs) that are authorised to offer them, particularly those with students who are still enroled. Therefore, it is essential for RTOs with scope for delivery in these qualifications to comprehend the implications of this prolonged transition period.
ASQA’s Guidance for Providers – Learner Transition allows for an extended transition period if a specific group of learners would be genuinely disadvantaged without it. ASQA determined that an extension is necessary to prevent adverse impacts on continuing students during the transition to new versions of the qualifications in the FNS training package.
ASQA collaborated with several organisations, such as the Training Accreditation Council Western Australia (TAC WA) and Victoria Registration and Qualifications Authority (VRQA), to guarantee the legitimacy and impartiality of the extended transition period.
The extension of the transition period for FNS42020, FNS50217, FNS50417, and FNS60217 qualifications received substantial support from authorities, such as the Government of South Australia, the PwC’s Skills for Australia, the Victorian TAFE Accounting Network/VTAN Group, and the Department of Education.
As an RTO with authorisation to offer these qualifications, it’s important to note that they will remain on your scope of registration until the end of the transition period to comply with ASQA’s requirements. The good news is that RTOs can continue delivering and assessing these qualifications until 31 January, 2024.
How can RTOs navigate the extended transition period for FNS training package qualifications?
To stay on top of any changes in training and assessment strategies and comply with relevant standards and regulations, RTOS must keep its communication channels open with its students and staff.
Here are the essential steps to take:
- Utilise the extended transition period to prepare for the modifications to training packages in Australia.
- Ensure students finish their outdated programs before the transition deadline and move them to the upgraded program if required.
- Evaluate how training updates will affect your organisation, examine training materials, and modify training and assessment approaches as necessary.
- Anticipate and plan for necessary changes to ensure smooth transition and collaboration with industry professionals, restructuring programs, and explore novel business prospects.
- If the revised training package differs from your current programs, consider applying for a scope of registration.
- Revise your learning materials to meet the new standards or acquire up-to-date and excellent RTO training resources from reliable providers.
By implementing these measures, you can guarantee compliance with ASQA’s transition period and anticipate any future changes or training modifications.
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