Cert IV in Finance & Mortgage Broking? Do not settle for FNS40820!

For seven years, the FNS40815 had been THE course to complete as a first step to become a mortgage broker. Discussions on upgrading this training package were everywhere, especially considering all the changes that the Finance industry went through recently.

While most RTOs were made aware of a potential issue with one of the Core Unit of Competency of the superseding course, FNS40820, in mid-2021, training.gov.au did not display any modification to this course prior late January, leading most RTOs to settle on the 'new' FNS40820 course by the due date.

These RTOs will unfortunately have to review their copies as FNS40820 has (already) been superseded and will have to move to FNS40821, excluding the Core Unit FNSSAM411 'Sell Financial products and services', which is deemed inappropriate to mortgage broker given the introduction of the Best Interest Duty in January 2021.

While this will not be a full remake of the training package, it does bring with it a couple of IT issues for RTOs, not talking about the assessors surplus workload that comes with a course closeout.

FNS40821 contains the following 7 Core units plus 5 Elective units that are to be chosen from the list provided (at least 3), and from other qualifications or endorsed Cert III or above.

Core units

BSBPEF501 Manage personal and professional development

FNSCUS511 Develop and maintain professional relationships in financial services industry

FNSFMB411 Prepare loan applications on behalf of clients

FNSFMB412 Identify client needs and present broking options

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC412 Apply and maintain knowledge of financial products and services