posted on January 20, 2011 15:06
Follow up work – v3.0 development
Financial Services Training Package (FNS10) follow up work
FNS10 Financial Services v3 has been endorsed by the National Skills Standards Council and more information can be found on the IBSA Website. Version 3 of the FNS10 Financial Services Training Package is also available to download from the TGA website.
February 2012 - Update Follow up work – v3.1
A number of issues in v1.0 of the Training Package were not able to be addressed during the project that realised v2.0. These are being consulted on at the moment and will lead to release of v3.1. This will be an ISC upgrade as is denoted by the increment of the minor numeral in the version number. This will not require RTOs to undertake any regulatory activities to implement changes described.
The areas being addressed in this revision are:
- Simplification of language in the remainder of the qualifications packaging rules
- Removal of confusion in units of competence by the inclusion of “co-requisites” no longer a relevant field
- Standardising advice in relation to referencing regulatory requirements; removal of specific requirements of individual regulatory regimes from qualifications packaging rules; inclusion of a specific guidance document covering the range of regulatory requirements impacting upon units of competence and qualifications.
- Updating imported units of competence where applicable
It is expected that a detailed document will be available for comment by stakeholders in March.
Following on from the development and submission of the changes reflected in v2.0, a further version release has been developed. This release will reflect two key areas of development, firstly the inclusion of modified qualifications in Life Insurance and, secondly a response to the requirements of the Tax Practitioners Board for the registration of Tax Practitioners.
Modified qualifications at Certificate IV and Diploma level in Life Insurance have been developed as a consequence of identified issues in implementation of qualifications reflected in v1.0 of the Training Package. This reflects the inclusion of additional units of competence and restructuring the qualifications to more accurately respond to workplace needs.
The Tax Practitioners Board (TPB) published an exposure draft outlining their intended requirements in terms of registration of Tax Practitioners in late 2010. This follows on from the establishment of registration requirements for BAS agents in 2009. This exposure draft was ratified as a ‘Proposed Guideline’ document early in 2011. Discussions between the TPB and the VET community provided a framework to develop products to respond to the needs of this specification. The response from the VET community is the identification of 3 existing units that required some modification to more clearly establish certainty around knowledge requirements and the development of 2 new units in the area of commercial law.
- FNSTPB501A Apply legal principles in corporations and trusts law
- FNSTPB502A Apply legal principles in commercial and property law
The following units have had minor edits (and two have name changes) to ensure the knowledge requirements of the TPB have been described:
- FNSACC403B Make decisions in a legal context •
- FNSACC502B Prepare legally compliant tax returns for Individuals •
- FNSACC601B Prepare and administer compliant tax returns for legal entities
This version is being considered by the NSSC for endorsement at their February meeting.Follow up work – v2.0 release
The work addressing implementation issues in v1.0 of the Training Package release was finalised mid-year and endorsed by the newly constituted National Skills Standards Council in late October 2011. This was published on training.gov.au as v2.0 of the Training Package late in January 2012 and can be viewed at http://training.gov.au/Training/Details/FNS10.
The changes made as a result of this update are reflected in the modification table and mapping documents contained in the main Training Package documentation which can be downloaded through the document link in the release history table.
Historical information:April 7th 2011 - Update
Early in 2011 IBSA commenced upon a continuous improvement project on the Financial Services Training Package (FNS10). Stakeholders were advised that IBSA would address a number of matters identified at endorsement and that have emerged since colleagues have had an opportunity to undertake closer scrutiny of the package.
As a consequence, a number of qualifications have been reviewed and changes made that reflect a more contemporary view of requirements of specific sectors.
Additionally, representation has been made from a wide variety of stakeholders to reinstitute the generic qualifications in Financial Services at Certificate IV and Diploma level. While there are a range of needs for these qualifications, the broad rationale is based upon the need for a generic qualification at Certificate IV level as an entry level qualification associated with traineeships in the financial services sector, where a broad introductory platform is required. The generic Diploma provides a progression path for the large number of candidates (primarily at team leader level) within the financial services sector, who have not yet specialised into the specific streams catered for by sector specific qualifications at Diploma level.
Qualification packaging rules have been amended in line with guidance relating to streamlining training packages.
A summary of modified qualifications and the changes made was provided.
Draft structures for qualifications that have been modified can be downloaded as a zip here. The Qualifications were also available on the Review and Feedback Register.
January 20th 2011
IBSA is commencing a project to follow up relevant aspects of the FNS10 Training Package that were outstanding at the end of the review.
The project will address issues raised towards the end of the review of FNS10 in 2010 which could not be resolved prior to submission of the Training Package to the National Quality Council (NQC) for endorsement and later to NTIS.
Broadly, these issues concern:
- coverage of regulation and licensing requirements in FNS10
- coverage of accounting requirements in relevant units/qualifications
- coverage in FNS10 of emerging industry sector job roles, including where they might vary across jurisdictions
To view a summary of project tasks, please click here.While this project is taking place as part of IBSA’s overall Continuous Improvement process, these issues were considered sufficiently critical to be addressed as part of a discrete project taking effect between November 2010 and 30 June 2011, with opportunities for public review and feedback during this time.
Any changes will be incorporated into a Version 2 of FNS10.
Further details on the project and regular project updates will be posted to IBSA’s website and can be accessed from this web page.
The consultant for the project, MDS Partners, has been chosen and is commencing communication with relevant stakeholders to start working through the issues. The lead consultant is Dennis Clark and his assisting partners in this work will be Steve Balch, Michael Martin and Lindsay Dewberry.
Tony Cusack, Project Manager at IBSA will oversee the project. Tony will keep overall in communication with stakeholders as the project rolls out.
Please contactProject Manager Tony Cusack: email@example.com should you have any questions about this project.