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Transition FAQs

Transitioning from FNS15 to FNS20 - Important information

The following information is fluid and will be changed periodically, as new information becomes available.

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As recently announced, the FNS40815 Certificate IV in Finance and Mortgage Broking qualification has been superseded by the FNS40820 Certificate IV in Finance and Mortgage Broking and the FNS50315 Diploma of Finance and Mortgage Broking Management qualification has been superseded by the FNS50320 Certificate IV in Finance and Mortgage Broking Management.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

To achieve the deadline of 31 January 2022, we will accept no more assessment uploads after 22 December 2021. This will give our assessors time to mark your submissions and ask for additional information if the assessment requires it.

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 31 January 2022.

If my course expires 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 and upload your assessments before the 22nd December 2021, 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 or are equivalent.

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:

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 and equivalent) in Finance Legislation & Compliance - suggest completing this module
  • FNSSAM403 (same equivalent unit) - suggest completing this module
  • Loan App Process module - suggest completing this module to reduce assessment scenarios in the new course.

We suggest you DON'T work on these modules:

  • BSBWOR501 (new unit BSBPEF501) - not an equivalent unit and not in the new course
  • BSBITU306 - not in the new course

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

We suggest you DON'T work on these modules as they are not equivalent units:

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

If my course expires before the cut-off date, can I extend my current course?
There will be no course extensions for FNS15 qualifications for any students past 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 many differences between the current qualification and the new qualification.

Can you let me know what that will look like when it is launched?
The details of the new courses can be found under the Courses/Finance Broking industry tab.

I have completed the current Cert IV (FNS15) and want to do the Diploma Upgrade, what will this mean for me?
We will approve credit transfer of any equivalent units (units that match) from your Cert IV (FNS04-15) 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 courses be available?
The Certificate IV and full Diploma courses were released on 24th November. We will only release the Diploma Upgrade (from Certificate IV FNS04-15) once we have fine tuned the gaps that will be missing between the qualifications which is a little more complicated.

Will the new course be more expensive?
We have made our best efforts to keep price increases to a minimum.