FNS40821 RPL
This qualification reflects the role of individuals working in finance and mortgage broking. Individuals in these roles apply theoretical and technical knowledge and skills to work autonomously and exercise judgement in completing routine activities relating to mortgage and finance broking.
Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. This qualification is a mandatory requirement for entry to operate as a mortgage broker and it is mostly applied as an “adequate training” equivalent for finance brokers.
Entry requirements to enrol in the qualification are nil. However, enrolment requirements for the MyFENG RPL require pre-requisite knowledge and skill evidence gathered from any source or experience and the completion of 7 selected tasks as stipulated. A confirmation virtual classroom experience forms a compulsory element of evidence verification and gap knowledge.
Reliable and fair assessment is fundamental for ensuring students have the necessary competencies before being awarded qualifications and for ensuring that their qualification holds value. We work alongside Licensees, Aggregators, Lenders and other third parties who hold the knowledge and skills to recruit into the subspace and support both new entrants and established brokers in an environment where team players, networks and support systems play a vital role. These third parties comply with industry standards and compliance obligations which include training, supervision and monitoring of their representatives to meet compliance requirements of the industry legislation and regulatory process.
Principles of assessment
Fair – We consider pre-requisite information and cultural backgrounds which may indicate a limited exposure within the industry. This relates to the students proposed authorisation under a Licensee where cultural sensitivity provides a positive measure of strength to their target market clients. Language, culture and diversity are advantages in many brokerage spaces.
Flexible – We undertake a virtual classroom where the student has the benefit of comfort and convenience of their own connecting space. While our virtual face-to-face exposure spans a 5 hour timeline, our structure provides for session times that include 5 minute breaks approximately every hour and a half hour break at about the half way mark of the day. The virtual face-to-face structure provides opportunity for real time conversation, questions and answers and personal interaction with a real person/people which adds to the elements of personal connectivity and trust. Pre-requisite enrollment criteria for out RPL include 7 tasks which can be done at the students pace prior to the virtual face-to-face final assessment confirmation.
Valid – We are current with industry standards, codes of conduct, daily role of a broker and the comparison between finance and mortgage brokers. Whilst both remain subject to the documentation and process of delivering their service there are minor differences in how the cost of product is determined and how commissions are earned. Our knowledge and skills originated with the inauguration of the mortgage sub-space in the early 1990’s and have continued uninterrupted throughout our engagement of many roles within the industry. Our training and assessment functions align with industry satisfaction, industry legislation and our training and assessment compliance. In 2020 and 2021 we consulted with Alan Jones (then director of FAPS Training Council) regarding the inappropriate inclusion of a “selling” UOC in the FNS40821 qualification. Following a lengthy process it was agreed that the unit should be deleted and the new updated version was amended. We continue to engage and are often asked to consult on the broker process to better inform industry partners. Both sue and Bev re-registered in 2019 as Credit Representatives and undertook updated lender training from the perspective of a new entrant broker.
Reliable – We provide a trusted brand which has been established since 2008. It is recognised by industry stakeholders around the country and we have assisted hundreds of students to enter and grow in the industry of finance and mortgage broking. We provide gap training and verification of knowledge and skills through our virtual face-to-face assessment completion for RPL students. Our students are referred to us through industry stakeholders, including Licensees, Aggregators, Franchisees, Industry Associations and Lenders (who have often referred their departing employees to us as part of the transition to re-deployment opportunities underpinning their redundancy programmes.) We have been engaged to provide compliance oversight on an individual basis for existing business and Licensed operators within the industry. As well, we have assisted in the application to meet the standards required to hold a Credit Licence.
Our RPL assessment structure has been modelled by our competitors and we are proud of how the sharing of this has assisted other RTO’s as well as students, industry and given greater value to recognition of the VET competency fundamentals.