Diploma of Financial Counselling - Draft 1

Project Summary

SkillsIQ, under the direction of the Client Services Industry Reference Committee (IRC), has undertaken a project to update the existing Diploma of Financial Counselling and three existing Financial Counselling (CHCFIN) Units of Competency and to develop two new Financial Counselling (CHCFIN) Units of Competency to ensure that financial counsellors have access to current skills and knowledge, in order to meet the current and future needs of the Financial Counselling industry.
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The update of the nationally recognised existing Financial Counselling qualification, three existing Units of Competency and the development of two new Units of Competency packaged within the CHC Training Package has been commissioned by the Australian Industry and Skills Committee (AISC) under the direction of the Client Services IRC.

A Case for Change was submitted by the Client Services IRC in July 2021. It identified the key changes that have occurred in recent years in terms of the operating and regulatory environment of the financial counselling sector which have impacted the job role of financial counsellors. This presented a compelling need for an update. The IRC proposed that the CHC51115 Diploma of Financial Counselling qualification and three existing CHCFIN Units of Competency be updated, and that two new Units of Competency relating to financial counselling job roles be created.

Financial counselling is an evolving profession and financial counsellors are required to have completed, or be enrolled in, the Diploma in order to work in the profession. The core skills and knowledge required for the role have changed since the design of the current qualification, and the update of the qualification therefore plays a crucial role in the development of the financial counselling workforce.

The Draft 1 consultation period will seek feedback on one qualification and five Units of Competency as updated or developed by the Financial Counselling TAC:

  • CHC51122 Diploma of Financial Counselling
  • CHCFIN006 Establish the financial counselling relationship
  • CHCFIN007 Provide counselling, advice and represent the client
  • CHCFIN008 Apply professional practice in financial counselling
  • CHCFIN009 Provide financial counselling within a social justice framework
  • CHCFIN010 Apply basic concepts of small business to financial counselling.

Consultation Activities and Timelines

National consultation on Draft 1 will take place from Thursday, 14 October and will close at 5.00pm AEDT on Thursday, 11 November 2021. During this period input will be sought on the updated draft qualification, three existing Units of Competency, two new Units of Competency and their associated Assessment Requirements.

For more information and background on this project, please download the Consultation Guide, available at the bottom of this page. This Guide should be read in conjunction with the Draft 1 Training Package Products.

During this time SkillsIQ will be meeting with industry stakeholders, employers and subject matter experts (SMEs). If you have expertise in these areas and would like to meet via zoom with SkillsIQ, please contact Devika Mudaliar via devika.mudaliar@skillsiq.com.au or via phone at 0438 043 186.

Following the close of the consultation period, feedback received will be collated and evaluated. This feedback will inform the development of Draft 2 which will be made publicly available for validation prior to the submission for endorsement.

To remain up to date with project developments, please subscribe to SkillsIQ’s mailing list at https://www.skillsiq.com.au/Subscribetoournewsletter.aspx.

Consultation Activities: Round 1

A series of webinars will be held together with access to the SkillsIQ Online Feedback Forum page. Please click on the links below to register for a webinar.

Webinars:
                     Date                                                   Time (AEDT)

Webinar 1: Thursday, 21 October 2021           2:00pm–3:00pm
Webinar 2: Wednesday, 27 October 2021       1:00pm–2:00pm
Webinar 3: Wednesday, 3 November 2021     2:00pm–3:00pm
Webinar 4: Wednesday, 10 November 2021  11:30am–12:30pm

For further information, please contact Devika Mudaliar via email at devika.mudaliar@skillsiq.com.au or via phone at 0438 043 186.

Attachments

Diploma of Financial Counselling - Draft 1 Consultation Guide

Recent Comments

Louise Dillon 18.10.2021

"This elective needs more development as a Rural specialisation. Cost burdens and financial incentives (aimed at mitigating climate risks) across the rural sector are very subjective; additionally climate change policies are not yet legislated, hence this unit could be deemed as very subjective and not evidence based, and or underpinned with real and actual financial data."

Diploma of Financial Counselling - Draft 1

CHC51122 Diploma of Financial Counselling_Draft 1.0

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Louise Dillon 18.10.2021

"Apply basic concepts of small business to financial counselling is a specialty unit, and could be included in the elective units as a stand-alone elective/ specialty unit. Additionally, given the impartiality of FC work, undertaking "advocacy" is an important aspect of work and perhaps could be included into a core unit, or incorporated into CHCFIN007."

Diploma of Financial Counselling - Draft 1

CHC51122 Diploma of Financial Counselling_Draft 1.0

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Louise Dillon 18.10.2021

"A suggestion for consideration - The Qualification reflects the role of financial counsellors working in three specialty contexts: - Generalist Financial Counselling - Rural Financial Counselling - Small Business Financial Counselling. Although a FC role may intersect another specialty, all three roles are specialists in their own scope of practice."

Diploma of Financial Counselling - Draft 1

CHC51122 Diploma of Financial Counselling_Draft 1.0

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Louise Dillon 18.10.2021

"Financial counselling in an independent and impartial service, hence "give advice" is outside of the scope of practice, perhaps "providing information" is a more suitable description in this section."

Diploma of Financial Counselling - Draft 1

CHCFIN007 Provide counselling advice and represent the client_Draft 1.0

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Bernadette Pasco 15.10.2021

"income and expenses [Moneysmart] statement of financial position [FCA] income statements (including Centrelink) liability and debt statements intake and assessment form / complex needs assessment legal documents and contracts profit and loss statements for small business assets and liabilities statements and records legal letters "

Diploma of Financial Counselling - Draft 1

CHCFIN006 Establish the financial counselling relationship_Draft 1.0

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