SkillsIQ, under the direction of the Client Services Industry Reference Committee (IRC), has undertaken a project to update the existing
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.
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 email@example.com 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.
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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.
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 firstname.lastname@example.org or via phone at 0438 043 186.