End of an era for financial services educator Kaplan Professional

End of an era for financial services educator Kaplan Professional | Insurance Business

End of an era for financial services educator Kaplan Professional

November 03, 2020, marked the ‘end of an era’ for financial services education provider Kaplan Professional (Kaplan) after the national regulator Australian Skills Quality Authority (ASQA) removed several of its courses from its National Register of vocational education and training (VET).

The courses that are no longer available for new enrolments are 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.

It was noted that advisors who have already enrolled in these courses can continue their studies.

Discussing the decision, Kaplan CEO Brian Knight highlighted that, over many years, thousands of advisers have relied on these courses to met RG 146 compliance, but that they no longer have the same relevance due to the introduction of FASEA standards.

“There is demand from both licensees and the industry for qualifications that represent a targeted focus towards paraplanners and superannuation specialists,” he said, “so we’re working on three new qualifications to reflect the changing nature of the industry and meet market demand.”

In line with the new qualifications being introduced by ASQA, Kaplan will apply for approval to add the following qualifications to its scope of registration with ASQA:

• FNS60920 Advanced Diploma of Paraplanning – this will provide formal recognition of the role of the paraplanner.

• FNS40920 Certificate IV in Superannuation – this course is designed for individuals who are looking to work in customer service and administration roles within superannuation.

• FNS50720 Diploma of Superannuation – this is for individuals seeking specialist technical operational and research analyst roles in the superannuation and self-managed superannuation funds space.

Commenting on these proposed qualifications, Knight said they have been designed to provide benefit to the industry and support individuals, not just in developing knowledge and technical skills but also the ability to support practices in developing and maintaining compliant back-office procedures.

“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,” he said. “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.”

Further information including enrolment dates, entry requirements, fees and learning outcomes will become available if Kaplan receives approval to add them to its scope of registration with ASQA. In the meantime, the education provider 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.