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Financial Services - new traineeship vocations The Commissioner for Vocational Training (Commissioner), in consultation with NSW Property and Financial Services Industry Training Advisory Body (PFSITAB), has varied the existing Vocational Training Order (VTO) for the recognised traineeship vocation of Financial Services and established the traineeship vocations of:
The VTOs specify a number of matters including the terms of training, probationary periods, competency outcomes and the courses of study to be undertaken. The VTOs are at Attachment A. FNS04 Financial Services Training Package (Version 2) The FNS04 Financial Services Training Package was endorsed on 7 October 2004. It provides qualifications from Certificate I to Advanced Diploma. On 10 May 2007, the National Quality Council endorsed category two changes to FNS04 that included:
These changes were endorsed by the NSW Vocational Education Training Accreditation Board on 8 October 2007. Qualifications For the purpose of the VTOs, Financial Services trainees in New South Wales will now be able to gain the following qualifications:
* New qualification. The units of competency, packaging and structure requirements for each of the above qualifications are at Attachment B. FNS40207 Certificate IV in Financial Services (Bookkeeping) This new qualification reflects the role of individuals who use well-developed skills and a broad knowledge base in a wide variety of contexts and environments. They apply solutions to a defined range of problems, and analyse and evaluate information from a variety of sources in relation to a variety of tasks. They may provide guidance to others with some limited responsibility for the output of others. This qualification is designed to reflect the role of contract bookkeepers and employees performing in the role of bookkeeper for organisations and who perform duties such as:
FNS40207 Certificate IV in Financial Services (Bookkeeping) and the Tax Agents Services Act 2009 The Tax Agent Services Bill 2008 was introduced into the Federal Parliament on 13 November 2008. Royal assent was given to the Tax Agents Services Act 2009 (Act) on 26 March 2009 The major implication in the Act is that bookkeepers currently completing and signing Business Activity Statements (BAS) will be governed in the same manner as Tax Agents. They will be able to provide a limited range of services relating to the BAS provisions in the Taxation Law but only if the meet the following requirements:
Effective 1st January 2010 there will be a transition period of two years, for those people currently classified as bookkeepers, to meet the regulatory requirements to complete BAS statements. The PFSITAB Financial Services Training Committee has confirmed that FNS40207 Certificate IV in Financial Services (Bookkeeping) is the most appropriate qualification to meet the provisions of the Act. The Australian Taxation Office estimates that there are 19,000 people classified and working as bookkeepers in New South Wales. Of these 44% have no formal qualifications. Job summaries Jobs in Financial Services at the Certificate II level are entry positions the financial industry. They include developing personal budgets, developing savings plans, developing an understanding of debt and consumer credit, developing an understanding of superannuation and developing an understanding of the Australian financial system and markets. Jobs in Financial Services at the Certificate III level are spread across the entire financial services field. Duties may include:
Jobs in Financial Services at the Certificate IV level provide financial services and perform such duties as promoting customer/client service, administering financial operations and monitoring compliance, leading a team, performing duties of a first-line supervisor and duties of a senior officer. Mercantile Agents work in three operational areas:
Accounts Clerical jobs may include duties such as:
Finance/Mortgage Broking jobs provide financial services in a finance/mortgage broking environment and perform such duties as:
Personal Trust Administration positions involve such duties as:
Credit Management jobs are as credit officers, collection officers, team leaders and supervisors providing an intermediate understanding of the credit management functions. Bookkeeping jobs can be as contract bookkeepers
or employees
Accounting jobs include duties such as:
Financial Practice jobs consist of a support role to qualified financial planners. Duties include extracting and analysing information on specified financial strategies and products and preparing and implementing financial plans. Superannuation jobs consist of working within superannuation or funds management companies or as superannuation specialists in the customer market. Duties will include processing complex benefits and insurance claims, assisting in meeting superannuation compliance requirements and resolving disputes. Industrial arrangements Applications under the Apprenticeship and Traineeship Act 2001 to establish any apprenticeship or traineeship will not be approved unless the Commissioner is satisfied that appropriate industrial arrangements are in place. Industrial arrangements under which Financial Services trainees can be employed are listed at Attachment C. School Based Traineeships The PFSITAB has advised that the following traineeships are suitable for delivery in schools:
For all school based part-time traineeships currently being delivered in New South Wales, refer to School Based Traineeships. For further information on the delivery of training for school based traineeships, refer to Training Arrangements. Licensing arrangements The Australian Security and Investments Commission (ASIC) requires that organisations wishing to use the FNS04 Financial Services Training Package for ASIC compliance should ensure that the units chosen cover the knowledge and skills required by ASIC. For further information go to ASIC. As FNS30404 Certificate III in (Mercantile Agents) covers the functions of process serving, repossessions and debt collection, NSW Police Force licensing requirements apply. Trainees must hold a probationary Commercial Agents and Private Inquiry Agents (CAPI) licence. Probationary CAPI licences are issued by the Security Industry Registry. In accordance with CAPI legislation, only persons aged 18 years and above can hold a probationary CAPI licence. This restriction effectively precludes applicants younger than 18 years from being approved for a FNS30404 Certificate III in (Mercantile Agents) traineeship. Further information about CAPI licensing requirements is available from the Security Industry Registry, NSW Police Force at NSW Police To progress from a probationary license to a full licence successful completion of the core units and selected elective units from FNS30404 Certificate III in Financial Services (Mercantile Agents) is required. For further information go to Operator Licence
Learning resources and assessment materials The following resources are available in relation to FNS04 qualifications:
These resources are available from either - Australian Training Products - or the PFSITAB. Availability of Registered Training Organisations A list of Registered Training Organisations in New South Wales who can deliver training from the FNS04 Financial Services Training Package (Version 2) may be found at Training Market or National Training Information Service.
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Last updated: 15 May, 2009 |
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Note: When a training contract
for a Certificate III in (Mercantile Agents) traineeship
is being lodged with a State Training Services Regional Office
for approval, the contract must be accompanied by evidence of a probationary
CAPI licence and age.
For any
enquiries regarding this CIB, please contact the Vocational Training Tribunal
Unit on (02) 9266 8579.