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Case for Change
The objective of this project is to review financial services training products affected by the Financial Services Royal Commission. The increased regulatory scrutiny and review for skills and knowledge in approaches including acting in the best interests of the customer, and conflicts of interest awareness, is required.
A Case for Change for this project will be considered at the 23 February 2021 AISC meeting.
Click on the link below to view this Case for Change.
The consultation plan has been designed to engage the widest possible population of stakeholders from all states and territories, non-metropolitan regions, and small and medium sized organisations.
Consultation methodologies include:
- Inter-organisational and intra-organisational focus groups; in-person and via teleconference and video conference facilities
- In-depth individual interviews; in-person and via teleconference and video conference facilities
- Survey instruments open to the public; online
- Public feedback on proposed changes; online
These methodologies are being used to gather data from relevant stakeholders including:
- Peak bodies including industry and professional associations;
- Industry networks and subscriber based mailing lists;
- Industry Reference Committee members;
- Registered Training Organisations and trainers and assessors;
- State Training Authorities and Industry Technical Advisory Boards;
- Federal, state and territory government departments and government owned corporations;
- Identified key stakeholders including individuals and organisations.
Consultations involve identifying the expertise of stakeholders and engaging them on the specific changes to the training package relevant to their expertise.
If you would like to contribute to the consultation for this project, please get in touch at email@example.com
Training Product Development
Financial Services (FNS) Projects 21 B – D
The public validation period for this project is now closed.
Training products across FNS Projects 21 B – D involved:
Project 21B Trust Administration:
- Revision of 2 qualifications related to trust administration; and
- Revision of 17 units of competency related to trust administration.
Project 21C Royal Commission Outcomes Review:
- Revision of 5 qualifications to address the outcomes of the Financial Services Royal Commission; and
- Revision of 35 units of competency related to work tasks that involve customer service, sales and advice to address skill gaps and cultural shifts brought about by the Royal Commission.
- Revision of an additional 9 units of competency added to the scope of Project 21C following the initial Case for Endorsement consultation period.
Project 21D Refresh Currency of FNS Qualifications:
- Revision of 6 qualifications for industry relevance; and
- Creation of 2 new skill sets and revision of 2 existing skill set for entry learners into the finance industry.
- Revision of an additional 20 units of competency added to the scope of Project 21D following the initial Case for Endorsement consultation period.
The final round of public consultation for this project has now closed.
The Case for Endorsement and accompanying documents have been submitted to the AISC for consideration at their meeting on 22 February 2022. Following this meeting the training products will await endorsement by Skills Ministers and until receiving this are subject to change. Uploading to training.gov.au of endorsed products is expected to take place in April/May 2022.
Thank you to all our stakeholders who have provided their valuable feedback. To stay up to date on future projects, please subscribe to our mailing list.
The Case for Endorsement for Royal commission outcome reviews was approved by the AISC in April 2022.
Resulting changes to the Training Package can be viewed in the Case for Endorsement document below.
These changes are now reflected on the Training.gov.au website.
For updates on the Training Package, please subscribe to our mailing list.