FNS20 Training Package Updates

The recent review was conducted by PwC's Skills for Australia and ANZIIF, like many other education providers, actively participated in identifying skills and knowledge needs in the workforce.
 
As a result of the review and subsequent endorsement of the training package by the Australian Government and state and territory governments, ANZIIF is required to update its qualification from the FNS15 Financial Services Training Package to the new 2020 Financial Services Training Package (FNS20).
 
The FNS20 Training Package will take effect for ANZIIF Skills Units from November 2021. If you are still partway through your qualification after November, the new updates will apply to you and additional studies will be required to cover off the changes. 
 
We have undertaken mapping of the changes to provide a transition pathway for you. Our aim is to ensure continuing students are not disadvantaged, but this is dependent on the changes in the new training package which are outside of our control.   Our recommendation is to complete your studies by November 2021 so that you are not impacted by the new training package. If this is not possible, please view the transition pathways for the Certificate IV in General Insurance, the Diploma of General Insurance or the Diploma of Insurance Broking.  The Diploma of Loss Adjusting will transition to the FNS20 training package on 1 February 2022. Students should aim to enrol in and complete their final module in the last study period for 2021. If this is not possible, please view the transition pathway for the Diploma of Loss Adjusting

ASSESSMENT CHANGES

Due to the new training standards by the Australian Skills Quality Authority (ASQA), there will be some changes made to our assessment methodology when the FNS20 Training Package comes into effect on 3 November 2021. 

Interactive simulations

  • Previously known as an interactive case study scenario.
  • The number of interactive simulations required will increase to two, for most units.
  • The interactive simulations will become available when the Exam has been completed successfully. 

Exam

  • exam Part A: the pass mark will increase from 50% to 70%

OTHER CHANGES

ASIC RG 146 Tier 1 Insurance Broking Compliance

Tier 1 will require four units due to pre-requisite requirements in the updated training package. All four units can also be counted towards the Diploma of Insurance Broking

Students can enrol in any order of preference and can choose to study more than one unit at a time, but BR30012-20 Provide Advice in Insurance Broking must be completed last due to pre-requisite requirements. It is recommended to start with one unit to determine the best fit with your own personal circumstandances. 

The units are listed below and will be available for enrolment from early November 2021:

  • BR30011-20 Deliver professional insurance broking services
  • BR30002-20 Analyse and amend a broking client's insurance program
  • BR30003-20 Prepare a submission for new business
  • BR30012-20 Provide advice in insurance broking

The Tier 1 qualification documents (Testamur and Statement of Attainment) will be issued once the assessments for all four units are successfully completed. 

ASIC RG 146 Tier 2 General Insurance Compliance

Tier 2 will be delivered as fully online and interactive 5-week Skills Units, with supervised exams and interactive simulations. 

The new format will be available for enrolment from early November 2021 with:

  • Flexible weekly intakes - enrolments accepted up to a week before the exam.
  • Exams taking place every Tuesday - to be completed at any time that is convenient for the student and their nominated exam supervisor
    • Exams: comprises Part A and Part B; each part is timed and will have individual pass mark requirements.
    • Interactive simulations: will become available after the Exam has been completed successfully
      • Tier 2 General Advice will contain one simulation
      • Tier 2 Personal and General Advice will contain two simulations
      • These modules will also replace Tier 2 General Insurance Compliance General and Personal Advice for Brokers. 

Frequently Asked Questions

 

What is FNS20 and why are you making this change?
As a result of a review conducted by PwC's Skills for Australia and subsequent endorsement of the training package, all Registered Training Providers are required to update all courses from Financial Services Training Package FNS15 to the new Financial Services Training Package FNS20. 
What is a Training Package?

A Training Package is a set of nationally endorsed standards and qualifications used to recognise and assess the skills and knowledge people need to perform effectively in the workplace. 

Training Packages are a key resource for registered training organisations (RTO’s) in the delivery of structured, accredited training.

When will the new training package FNS20 come into effect?
3rd November 2021. For the Diploma of Loss Adjusting, 2nd February 2022.
How will the training package update affect me?
ANZIIF has determined what the changes are and you can refer to your qualification’s webpage for the relevant transition PDF.
I just started/am half-way through my qualification. Does this affect me?
Yes.  If you are still completing your qualification by 3rd November, then you will be affected. ANZIIF has determined what the changes are and you can refer to your qualification’s webpage for the relevant transition PDF. For the Diploma of Loss Adjusting, students should complete their final module in the last study period in this year.
I completed my qualification between 1990 - current day. Will it still be valid when FNS20 comes into effect?
Yes. Once you attain a qualification, it is yours for life.  However, you must continue to keep your industry knowledge up-to-date.