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Recognition of Competency

If you have extensive experience or qualifications you may be eligible for Recognition of Competency (ROC), which exists for students who can demonstrate work experience or previous training/qualifications relevant to the module or the Diploma as a whole. Pinnacle offers the following ROC pathways:

Mutual recognition (recognition of competencies awarded by another RTO)

If a person has been awarded a required competency by another Registered Training Organisation (“RTO”), Pinnacle recognises that competency.

Credit transfer (recognition of formal training courses completed elsewhere)

Many formal training courses do not result in the award of competencies. This may be because they are not delivered by an RTO. Some of these courses have been investigated by Pinnacle and many have not.

• Where Pinnacle has investigated a course and has accepted that it delivers required competencies, we may have granted an exemption from the need to study Pinnacle materials covering the same areas. Please refer to Pinnacle’s website for a list of standard exemptions.
• Where a formal training course has not been investigated by Pinnacle, we may agree to investigate it in order to assess whether or not it delivers required competencies. We will make a charge to undertake this investigation. Charges will not be refunded even if we are unable to gather sufficient information to make a determination, are unable to transfer credit, or are able to transfer only partial credit. If only partial credit transfer is awarded, Pinnacle may or may not be able to deliver gap training. Additional charges will apply if gap training is required and can be provided.

Recognition of Prior Learning (RPL) (recognition of competencies achieved by an individual in informal ways)

Competency may be attained in informal ways, such as from experience in the workplace or through other activities not associated with formal education programs. Pinnacle may determine whether required competencies can be demonstrated in the absence of formal training by conducting either;

• a direct assessment of competency, either through formal examination (completion of normal course assessment tasks) or through demonstration of the competencies in the workplace, or 
• an indirect assessment of competency, in which a skilled assessor examines a portfolio of supporting evidence, which may include such things as records of work experience, references, examples of documents written, records of training conducted, and participation in committees or industry associations. A significant amount of effort and cost can be involved both in gathering evidence and in assessing it, and there can be no guarantee in advance that any competencies will be recognised as a result.

Customised recognition

Recognition of Competency may require an assessor to use a combination of Mutual Recognition, Credit Transfer and Recognition of Prior Learning (RPL). Pinnacle refers to this as Customised Recognition. While we publish a standard charge for Customised Recognition, the amount may vary depending on circumstances, and any assessor travel costs that may be required for observations in the workplace will normally be additional to the listed charge.

ROC prices

Full Diploma and Advanced Diploma  ROC application
Mutual Recog’n	Credit Transfer			Recognition of Prior Learning (RPL)					Custom
Mutual Recog’n	Credit Transfer (exempt course)	Credit Transfer (other course)		RPL Direct (Work Assess’t) Supervisor	RPL Direct (Work Assess’t) Pinnacle Assessor	RPL Direct General Assess’t	RPL Direct Exam	RPL Indirect	Custom ROC
$220	$220	$1,250		$1,250	$1,800	$1,800	$1,250	$1,250	$1,800
Individual course modules (Diploma and Advanced Diploma) (cost per module)
Mutual Recog’n	Credit Transfer			Recognition of Prior Learning (RPL)					Custom
Mutual Recog’n	Credit Transfer (exempt course)		Credit Transfer (other course)	RPL Direct (Work Assess’t) Supervisor	RPL Direct (Work Assess’t) Pinnacle Assessor	RPL Direct General Assess’t	RPL Direct Exam	RPL Indirect	Custom ROC
$55	$55		$250	$250	$400	$400	$250	$250	$400

* When applying for individual modules via Mutual Recognition and Credit Transfer (exempt) the maximum fee of $220 will be charged

Important note
Recognition of Competency, as described above, is available to anyone with existing competencies who is seeking the qualification (FNS50804) “Diploma of Financial Services (Financial Planning)”.

The award of this qualification does not, however, automatically allow an individual to be authorised to provide financial product advice for RG 146 purposes.

ASIC’s RG146 lays down the training requirements for advisers, and it provides that “assessment only” is not an option unless individuals have five years of relevant work experience in the previous eight years. In other words, while training regulations require RTOs to offer recognition of competency, any qualifications issued on the basis of individual assessment will not be effective for RG146 purposes unless the aforementioned experience test can be met.

Individuals who do not meet the experience test but who want to comply with the requirements of RG146 have no option but to complete courses listed on ASIC’s register of compliant training, regardless of what existing knowledge or skills they may have, or what other courses they may have completed.

For RG146 requirements courses must be listed on the ASIC training register

Recognition of Competency (ROC) Application Form - (FNS50804) Diploma

Recognition of Competency (ROC) Application Form - (FNS60404) Advanced Diploma