Press Release | 24 November 2020

‘End of an era’ for Diploma and Advanced Diploma of Financial Planning

24 November 2020

3 November 2020 marked an ‘end of an era’, according to leading financial services education provider Kaplan Professional, after the national regulator Australian Skills Quality Authority (ASQA) removed the FNS50615 Diploma of Financial Planning, FNS60415 Advanced Diploma of Financial Planning and three Tier 1 personal advice units of competency in financial planning, margin lending and superannuation from its National Register of vocational education and training (VET). This means these courses are no longer available for new enrolments. Advisers already enrolled in these courses are able to continue with their studies.

“Although thousands of advisers have relied on these courses to meet RG 146 compliance for so many years, they now no longer have the same relevance because of the introduction of the FASEA standards,” said Kaplan Professional CEO Brian Knight.

“There is demand from licensees and the industry to introduce qualifications that represent a targeted focus towards paraplanners and superannuation specialists, so we are working on three new qualifications to reflect the changing nature of the industry and meet market demand.”
ASQA will introduce three new paraplanning and superannuation vocational education qualifications, so Kaplan Professional will apply for approval to add these to its scope of registration with ASQA:

  • FNS60920 Advanced Diploma of Paraplanning
  • FNS40920 Certificate IV in Superannuation
  • FNS50720 Diploma of Superannuation

The FNS60920 Advanced Diploma of Paraplanning will provide formal recognition of the highly-skilled and valuable role of the paraplanner, offering a benchmark qualification to raise the level of knowledge and skills to Australian Qualification Framework (AQF) level 6 across the board.

The FNS40920 Certificate IV in Superannuation is designed for individuals who want to work in customer service and administration roles within superannuation. The FNS50720 Diploma of Superannuation is suitable for those who are seeking specialist technical operational and research analyst roles in the superannuation and selfmanaged superannuation funds space.

“The three qualifications are designed to provide significant benefits to the industry, where individuals develop not only in-depth knowledge and technical skills, but also the ability to support practices in developing and maintaining compliant back-office procedures,” Mr Knight said.

“This will allow financial advisers and superannuation specialists to devote more of their time and expertise to delivering best-practice advice and service to their clients.

“The industry is focused on supplementing its talent pool over the coming years, so these qualifications will provide an accessible and suitable pathway for those who want to enter the financial services sector. They will also provide an ideal opportunity for career changers in this challenging economic environment.”

More specific information about the paraplanning and superannuation vocational education qualifications will become available if Kaplan Professional receives approval to add them to its scope of registration with ASQA. This includes enrolment dates, entry requirements, fees, learning outcomes and units of competency.

Kaplan Professional will continue to offer specialist short courses in Derivatives, Financial Planning, Foreign Exchange, General Insurance, Generic Knowledge, Life Insurance, Managed Investments, Margin Lending, Securities, Securities and Managed Investments, and Superannuation.

Media contact

Tom Baldwin | PR & Communications Specialist
T: (02) 8248 7617
E: tom.baldwin@kaplan.edu.au

 

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