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Transition FAQs

Transitioning from FNS15 to FNS20 - Important information

NEW QUALIFICATION TRANSITIONING

As recently announced, the FNS40815 Certificate IV in Finance and Mortgage Broking qualification has been superseded by the FNS40820 Certificate IV in Finance and Mortgage Broking and the FNS50315 Diploma of Finance and Mortgage Broking Management qualification has been superseded by the FNS50320 Certificate IV in Finance and Mortgage Broking Management.

Subsequently every RTO must certify students enrolled in the current qualification by 31 January 2022 or transition them to the upgraded qualification as soon as possible.

What happens if I don’t complete before 31 January 2022?
We will provide a statement of attainment for any units of competency that the student has completed. If the student wants to achieve a qualification they will be required to transition to the new FNS20 training package where they will be given credit transfer for equivalent units of competency and complete the additional assessments.

Do I have to pay more money to transition to the new course?
No, we will transition you free of charge as long as your course expiry date is after the 31st January 2022.

If I expire before the end of the year and want to purchase the new package, will I have to pay again?
Yes, you will have to re-enrol and pay for the new course, although we will offer existing students a discount.

I recently enrolled in a 12-month course but you are now telling me that I only have a few months to complete?
Training organisations have no control over the industry’s requirements and when they choose to upgrade a package. We have strategies to support our students through this time of transition. If you believe you are unable to complete your course before the 31st January 2022, and your course is due to expire some time after this date, you will have the opportunity to transition to the new course for free. However, there will be new assessments to complete due to the fact that some units no longer match the old ones.

Should I stop what I am doing now and wait until you have the new course ready?
Our team are working on a strategy to get you to complete additional requirements and not re-do entire assessments. We consider what you have completed up to the cut-off date and then provide additional assessments called gap training. We suggest you work towards completing modules as listed below.

If I expire before the cut-off date, can I extend my current course?
There will be no extensions for FNS15 qualifications for students past the 1st November 2021.

Do I get a refund for finishing earlier than my 12 months?
No, no refunds apply where a student chooses to complete their qualification earlier than the usual 12 months enrolment period. You may choose to complete your course earlier, but if not, we will offer a transition to the new qualification free of charge and allow you to continue with your course with the original expiry date.

QUALIFICATION COMPARISONS

What is the difference between the FNS15 and the FNS20 course?
The FNS Training Package has been upgraded in line with industry requirements. There are differences between the current qualification and the new qualification. We know that the new qualification requires more assessment work and when we have the new course ready we will be providing updated information on our website.

Can you let me know what that will look like when it is launched?
The details of the new course will be made placed on our website once available. We will not be offering a comparison but you are welcome to make note of what is in the current course now. If you believe that you have a good chance of completing before the end of the year you may want to enrol in the current course now.

I have completed the current Cert IV (FNS15) and want to do the Diploma Upgrade, what will this mean for me?
We will complete a credit transfer of any equivalent units (units that match) from your Cert IV (FNS15) to the new Diploma FNS20. Some of these units won’t be the same as they have been superseded and don’t match the old one. The amount of work you may need to complete is not available at this stage, but we will let you know in due course.

When will the new course be available?
At this stage we expect the last quarter of the year but before the end of 2021 at the latest.

Can you offer more of a discount now if I do the current course?
No, our standard fees apply.

Should I enrol now or wait for your new training course to be ready?
This is entirely up to you and whether you would like to try and get this course finished before the end of the year to become accredited and/or start work. We can tell you the current course is less expensive and has less assessments than the new course. We would stress that you have a strategy or plan in place to get completed.

Will the new course be more expensive?
We anticipate that pricing will increase for the new qualification and we will update information on the website when this has been determined.

I am thinking of transitioning to the new course and would like to know what the additional assessments for the new course will be?
Our team is working hard to minimise the impact of the new Training Package. We have ensured the clustering of non-equivalent units with new units are very closely aligned to reduce the need for extra assessments; this may halve our transitioning students work.

FNS40815 Certificate IV in Finance and Mortgage Broking
The following units are equivalent in FNS40820 and will receive Credit Transfer. We suggest you start with these modules:

  • FNSFMK505 (new unit FNSFMK515) Finance Legislation & Compliance - suggest completing this module
  • FNSSAM403 (same unit) - suggest completing this module
  • BSBITU306 (new unit BSBTEC301) - suggest completing this module
  • Loan App module - suggest completing this module to reduce assessment scenarios in the new course.

We suggest NOT working on this module yet as it is not an equivalent unit:

  • BSBWOR501 (new unit BSBPEF501)

FNS50315 Diploma of Finance and Mortgage Broking Management
The following units are equivalent in FNS50320 and will receive Credit Transfer. We suggest you start with these modules:

  • FNSFMK505 (new unit FNSFMK515) Finance Legislation & Compliance - suggest completing this module
  • FNSPRM603 (new unit FNSPRM613) - suggest completing this module
  • Loan App module - suggest completing this module to reduce assessment scenarios in the new course.
  • Complex Loan App module - suggest completing this module to reduce assessment scenarios in the new course.

We suggest NOT working on these modules yet as they are not equivalent units:

  • BSBWOR501 (new unit BSBPEF501)
  • Risk module (new units FNSRSK511 and FSRSK512)