Industry Consultation Opportunity – Proposed changes to Financial Services units

Changes to the FNS Training Package

As part of our ongoing work with PwC’s Skills for Australia - who oversees changes to the Financial Services Training Package (FNS) - we are providing lots of feedback and suggestions on the FNS Training Package. 

We’ve been reaching out to some of our partners in the Banking and Credit Union world for feedback on some proposed changes to the FNS30120 Certificate III in Financial Services and wanted to share those thoughts with you. 

Based on our initial research and industry feedback, we believe there is real room for improvement in this qualification’s structure.  

FNS30120 Certificate III in Financial Services 

The previous qualification (FNS30115) required 6 listed electives; while the new version requires 7 listed electives but has reduced the range of listed electives. 

Current Units No longer available

96% of our enrolments in this qualification select FNSASIC301 and FNSASIC302 (Tier 2 units)

40% of enrolments select FNSASIC305

Unfortunately, this option is no longer available to them as Listed Electives (i.e. ones that count towards their qualification).

Business Units Deleted in August 

BSBCUE304 Provide sales solutions to customers – retained in draft.

78% of our enrolments select BSBCUE304

BSBITU315 / 305 Purchase goods and services online.

28% of our enrolments select BSBITU315 or its predecessor BSBITU305

Specialist Units

Further, some listed Units will only address a tiny group of enrolments, for example: 

6 x Superannuation specific units

2 x Personal Trustee specific units

2 x Life Insurance specific units

3 x Accounts specific units

3 x Credit specific units

This includes a range of units that are well out of date and have limited application. 

The outcome is our students will have a more limited range of listed electives and be forced to take options that have no vocational outcome.

Our thoughts: 

The current qualification does not allow any improvement into vocational outcomes for our students and clients; it is a negative step given Tier 2 units are no longer listed, and the BSB Sales units have been/will be deleted. 

It is likely that these will then be chosen as unlisted electives but that then means our clients are struggling to find a good range of listed elective options. 

There are also limited options to address compliance training needs for these roles. 

ACCM’s Recommendations: 

1. Additional listed elective units:

a. FNSASIC301 and FNSASIC302 and FNSASIC305 (a major requirement for our clients/students)
b. BSBINS302 Organise workplace information
c. BSBPUR301 Purchase goods and services
d. BSBDAT201 Collect and record data
e. BSBTWK301 Use inclusive work practices
f.  BSBOPS202 Conduct customer engagement
g. BSBFIN302 Maintain financial records
 

2. Reinstate a key deleted unit:

a. FNSISV303 Issue contract of insurance

This unit had a large usage and was “accidentally” deleted as an orphan unit when the C3 General Insurance Qualification was deleted. 

3. Keep the BSBCUE304 Provide sales solutions to customers as a much-needed sales option. 

As always, If you’d like to discuss these proposed additions/solutions or have some ideas of your own and let us know your thoughts and feedback!