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As a result of some key changes in the Financial Counselling sector in recent years, the Client Services IRC is proposing a Case for Change to update the current Diploma of Financial Counselling.
Financial counselling is an evolving profession. The core skills and knowledge required for the role have changed since the design of the current qualification. Updating the Diploma of Financial Counselling to reflect these changes is critical as the Diploma plays a crucial role in the development of the financial counselling workforce. Financial counsellors are required to have completed or be enrolled in the Diploma in order to work in the profession.
Some key changes that have occurred in recent years regarding the financial counselling sector, the operating and regulatory environment, as well as the job role itself include:
- The 2018 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services
The sector’s new recent recognition across the economy, as well as the rise in funding means demand for financial counselling services is expected to increase significantly.
- 2019 / 2020 bushfires and Coronavirus pandemic impact – increase in financial hardships
The financial counselling sector will play an important role in responding to the anticipated increase in number of Australians experiencing financial hardship.
- Workforce pipeline shortage
With the Government committed to adequate funding for financial counselling services and an ageing workforce, it will be important to maintain a pipeline of financial counsellors into the future, making the Diploma of Financial Counselling critical to facilitating this.
As a result of the above government and operational announcements and changes, the key skills and knowledge which financial counsellors are required to have has evolved. The Diploma needs to be updated to reflect these changes. The specific new skills and knowledge area requirements are:
- Supporting small business
- Complex needs.
If the Diploma is not updated to be fit for purpose, there is a high risk that graduates and new entrants to the workforce will not be satisfactorily equipped to provide accurate and reliable financial advice, nor have the skills to deal with small business and/or complex enquiries which are key requirements for the sector.
The Client Services IRC is therefore proposing a Case for Change that includes:
- updating the existing qualification CHC51115 Diploma of Financial Counselling
- updating three existing financial counselling units CHCFIN001 Facilitate the financial counselling process, CHCFIN002 Identify and apply technical information to assist clients with financial issues and CHCFIN003 Develop and use financial counselling tools and techniques
- The addition of two newly developed units to the core of the updated qualification: a small business financial counselling unit and an additional financial counselling unit that deals specifically with an integrated model of financial counselling
- The removal of two units from the core of the current qualification, as content is covered in other units. Specifically remove CHCADV005 Provide systems advocacy services and CHCCSL003 Facilitate the counselling relationship and process.
The Case for Change was available for public consultation until 5.00pm AEST on Thursday 22nd July 2021.
Please CLICK HERE to download a copy of the Case for Change.
For further information, please contact Melinda Brown on 0417 766 372 or via email at firstname.lastname@example.org