The Australian Quality Framework

The Australian Quality Framework (AQF) is a set of nationally agreed quality assurance arrangements for training and assessment services delivered by training organisations.

Training Packages are nationally endorsed, integrated set of competency standards, assessment guidelines and AQF qualifications for a specific industry, industry sector or enterprise.

The FNS04 Financial Services Training Package is the integrated set of nationally endorsed competency standards designed for financial services.

Within each training package are a range of units of competency. Units of Competency specify industry knowledge and skill and the application of that knowledge and skill to the standard of performance expected in the workplace.

On successful completion of unit(s) of competency, a Statement of Attainment is issued. A Statement of Attainment is the formal certification in the VET sector by a Registered Training Organisation (RTO) that a person has achieved:

• part of an AQF qualification, or
• one or more units of competency from a nationally endorsed Training Package, or
• all the units of competency or modules comprising an accredited short course (meaning an accredited course that does not meet the requirements for a full AQF qualification).

RG 146: Regulatory Guide Licensing: Training of financial product advisers

The Australian Securities and Investments Commission (ASIC) has set minimum standards for the training of advisers. These standards are detailed in Regulatory Guide 146. The policy applies to all natural persons who provide financial product advice.

The training standards are sets of knowledge and skill requirements that vary depending on the adviser’s activities. The knowledge requirements are detailed in RG 146 Appendix A and the Skill requirements are detailed in RG 146 Appendix B. In general, advisers will meet the relevant training standards by satisfactorily completing training courses assessed as meeting the training standards by an authorised assessor and listed on the ASIC Training Register.

The training standards are sets of knowledge and (in some cases) skill requirements that must be satisfied, at either the Tier 1 or Tier 2 education level, by advisers before they give advice. The Tier 1 education level is broadly equivalent to the ‘Diploma’ level under the Australian Qualifications Framework and the Tier 2 education level is broadly equivalent to the ‘Certificate III’ level under the Australian Qualifications Framework. (Ref RG 146.6)

The knowledge and skill requirements and educational levels vary depending on the adviser’s advice activities. That is, they vary depending on:

• whether the adviser gives general or personal advice; and
• what products the adviser gives advice on.

(Ref RG146.7)

Advisers giving personal advice

Advisers giving personal advice are required to complete the knowledge and the skills requirement whereas those giving general advice are required to complete the knowledge requirement only (Ref RG 146 Table 1)

The combined knowledge and skill requirements reflect units of competency from FNS04 Financial Services Training Package. Hence those giving personal advice are required to complete units of competency as shown below:

On successful completion of the required units of competency, participants are issued a Statement of Attainment.

Recognition of Prior Learning (RPL)

Recognition of skills and knowledge (units of competency) gained through previous studies and work and life experience may lead to advanced standing.

Recognition of Statements of Attainment issued by other Registered Training Organisations

Under its Registered Training Organisation (RTO) status, Financial Education Professionals is able to recognise qualifications and Statements of Attainment issued by other RTOs. This is a feature of the flexibility offered by the National Training Framework.

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