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Australia Changes to financial services training package

Last month, the Australian Government’s Department of Education and Training made a pretty significant announcement regarding the changes they have made to the financial services training package which impacted a total of thirty-two qualifications on the national register!
This affects everyone who wants to enroll in a Certificate or Diploma course that can help them be a registered tax or BAS agent in Australia.

Price Waterhouse Cooper’s Skills for Australia was contracted by the Department of Education and Training to review the qualifications within the financial services training package and make recommendations.
They engaged with the financial services industry and with training organizations prior to submitting their recommendations and changes.

As a result, one qualification has been added to the national register:
• FNS50417 Diploma of Payroll Services

What does this mean?
This means if you are interested in pursuing a career in payroll and want to acquire niche knowledge and skills related to payroll, there is now a qualification at a Diploma level for you!

The core content covered in this qualification includes how to manage payroll, establish and maintaining payroll systems, applying principles of professional practice to work in the financial services industry, process salary packaging arrangements and additional allowances in payroll, process superannuation payments in payroll, process complex employee terminations in payroll, as well as interpret and apply knowledge of industrial regulations relevant to payroll and taxation systems relevant to payroll.

In addition, five qualifications have been removed from the register and replaced entirely:
• FNS30315 Cert III in Accounts Administration replaced with FNS30317 Cert III in Accounts Administration
• FNS40215 Cert IV in Bookkeeping replaced with FNS40217 Cert IV in Accounting and Bookkeeping
• FNS40615 Cert IV in Accounting replaced with FNS40217 Cert IV in Accounting and Bookkeeping
• FNS50215 Diploma of Accounting replaced with FNS50217 Diploma of Accounting
• FNS60215 Advanced Diploma of Accounting replaced with FNS60217 Advanced Diploma of Accounting

What does this mean?
This means that if you are enrolled in any of the above accounting and finance classes, you must complete your course by the 13th of February 2019.
Your training provider should also have already been in touch with you by now to inform you of what will be happening next and how it impacts you.
With Dolph Business School, all of our impacted students have been informed of these updates and we are currently awaiting approval to deliver the new FNS40217 Cert IV in Accounting and Bookkeeping from ASQA.
Once we receive our approval, our students will be provided with the option to either transition to the new qualification, or ensure they complete their current course by the 13th of February 2019 or they will not be issued with the old qualification.
If your training provider has not been in touch with you, we recommend you contact them sooner rather than later to ensure you have your options mapped out.

Twenty-six qualifications have been updated:
• FNS30115 Cert III in Financial Services
• FNS40115 Cert IV in Credit Management
• FNS41815 Cert IV in Financial Services
• FNS42115 Cert IV in Personal Injury Management
• FNS42215 Cert IV in Personal Trust Administration
• FNS50315 Diploma of Finance and Mortgage Broking Management
• FNS50615 Diploma of Financial Planning
• FNS50715 Diploma of Superannuation
• FNS50815 Diploma of Integrated Risk Management
• FNS50915 Diploma of Banking Services Management
• FNS51015 Diploma of General Insurance
• FNS51215 Diploma of Insurance Broking
• FNS51315 Diploma of Life Insurance
• FNS51415 Diploma of Loss Adjusting
• FNS51515 Diploma of Credit Management
• FNS51615 Diploma of Securitisation
• FNS51815 Diploma of Financial Services
• FNS51915 Diploma of Personal Injury and Disability Insurance Management
• FNS52015 Diploma of Personal Trusts
• FNS60115 Advanced Diploma of Insurance Broking
• FNS60415 Advanced Diploma of Financial Planning
• FNS60515 Advanced Diploma of Superannuation
• FNS60615 Advanced Diploma of Banking Services Management
• FNS60715 Advanced Diploma of Financial Licensing Management
• FNS60815 Advanced Diploma of Integrated Risk Management

What does this mean?
If you are enrolled in any one of the above qualifications, your training provider should implement the changes by the 13th of February 2019.
They should have already contacted you by now to inform you of these updates and advise you of what will happen next and how it impacts you.
If your training provider hasn’t contacted you as yet, it might be a good idea to contact them as soon as possible to minimize the impact it will have on the rest of your training.


Article by: Uzeir Dalip.
dolph.edu.au.


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