Diploma of Financial Counselling - Draft 1

CHC51122 Diploma of Financial Counselling_Draft 1.0

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Qualification description & entry requirements

QUALIFICATION CODE

CHC51122

QUALIFICATION TITLE

Diploma of Financial Counselling

QUALIFICATION DESCRIPTION

This qualification reflects the role of financial counsellors working in the following two contexts:

 

  • Generalist financial counsellors who work in agencies that meet the requirements for exemptions from holding both an Australian Financial Services Licence (ASIC legislative instrument 2017/792 and Regulation 7.1.04CAA(5)(9) of the Corporations Regulations 2001) and an Australian Credit Licence (ASIC legislative instrument 2017/793). Financial counsellors work across a variety of metropolitan, regional and remote settings. Generalist financial counsellors can assist both individuals and small businesses.

 

  • Rural financial counsellors who undertake specialised financial counselling work that assists primary producers and rural small businesses, and are employed in agencies funded for this purpose. These agencies meet the requirements for an exemption from holding an Australian Credit Licence (ASIC legislative instrument 2017/793).

 

All financial counsellors have specialist knowledge of legal remedies and options to manage debt and financial difficulty and are advocates who work in a model of social justice and client empowerment.

 

This qualification is NOT related to the work performed by financial planners or financial advisers whose role is to provide clients with strategies to address their investment options and require a financial services licence for their work under the National Consumer Credit Protection Act 2010. This qualification is also not appropriate for financial capability workers.

 

This qualification does NOT refer to therapeutic counselling. Psychological issues, which affect individuals, families and groups such as gambling, substance abuse, child abuse and mental or physical health problems require referral to a professionally qualified practitioner However, a recognition of, and an ability to work within, a counselling framework and the way in which other issues may interact with financial issues is highly relevant to financial counselling practice.

 

To achieve this qualification, the candidate must have completed 220 hours of work as detailed in the Assessment Requirements of units of competency.

ENTRY REQUIREMENTS

Nil

19 Comments

CHCFIN Units

"I do feel that the revised FIN UOCs; FIN006, FIN007 and FIN008 as a whole, has a good flow. There are gaps which I shall comment specifically for each of the UOCs. My main comment is CHCFIN009 as a core unit for this Diploma. Each elements covered within this unit has sufficient content to be an individual UOC. This would be better suited to a skill set offered to those who have completed the Diploma of Financial Counselling, with a minimum industry experience of 2 years. It would be more beneficial to equip students with the foundational knowledge of how to assess small business clients in order to offer effective referrals, similar to that of problem gambling. "

Natasha Syed Ali 10.11.2021 10.43PM

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Gambling Basics

"An elective/mandatory unit that covers gambling to allow a minimal understanding of the risks and safety measures. To provide triage level of care until referral to a Gambling Financial Counsellor can be arranged,"

Bettina Cooper 09.11.2021 10.47AM

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Elective Options

"Training Organisations - need to give freedom of choice to electives for students dependant on there organisation or interest in engagement with clients. "

Bettina Cooper 09.11.2021 10.44AM

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1 Reply

"Agreed"

Mandy Jackson 09.11.2021 12.20PM

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Working with Aboriginal and Torres Strait Islanders

"DIV002 should be a mandatory given the high percentage of Aboriginal and Torres Strait Islander population among our clients. This subject should be presented by an Identified person with Financial Counselling exposure. "

Bettina Cooper 09.11.2021 10.37AM

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Small Business Units and Rural Financial Counselling Units

"Small Business and Rural units should not be included in the Diploma qualification as core units. General units as electives perhaps, but not core units. The agricultural sector is a comprehensive and evolving industry that requires specialist knowledge and expertise in this field. Rural agencies often work in isolation from other agencies and training requirements are very different, along with funding requirements etc. Additionally small business (units and FC work) lends itself to complexities and structures that require specialist training and knowledge. Counsellors working across small business roles should be provided with on-going and regular knowledge building, training and development etc to keep abreast of the changes in this scope of work. Small Business and Rural Financial Counselling are areas of advanced specialty in FC, and should be deemed accordingly with relevant and ongoing training according to FCA membership requirements. Additionally Rural financial counselling agencies (and RFC workers) should be aligned with the FCA peak body and membership requirements, to ensure the Industry as a whole is working under best practice."

Mandy Jackson 08.11.2021 11.37AM

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1 Reply

"My understanding is that the Rural Units are remaining a specialist area but in regard to Small Business, please see my reply to LYNDSEY FITZGERALD 04.11.2021 03.01PM below."

Carolyn Joy 09.11.2021 05.19PM

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Reference to financial capability workers

"This qualification is not a requirement for financial capability workers, but is a career pathway for financial capability workers to move into financial counselling."

Fiona Pettiford 04.11.2021 03.13PM

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Small Business units

"I do not believe that Small business units should be studied by students for the Diploma. I believe that they should be electives or a set of unit for financial counsellors that have worked for maybe 2 years so that is is a upskills as a specialist area. If you put them in the units traineeships also do those units and we risk loosing these valuable people because it gets too hard for them when either studying for the first time or studying after long breaks of no study. "

LYNDSEY FITZGERALD 04.11.2021 03.01PM

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2 Replies

"I agree with this comment, but only with the proviso that diploma graduates must be able to identify when a client is involved in a small business. If the Unit dealing with small business is taken out could we include some information, such as how to identify when a client has responsiblity for a small business - at, possiblly, CHCFIN009 Element 3. Adjust practice to mitigate personal and financial and risks that result from particular client circumstances?."

Carolyn Joy 09.11.2021 05.15PM

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"Thats a great idea to mention Carolyn - graduates should be able to identify when a client is involved in a small business - but it should not be an entire core unit. "

Sarah Davidson 09.11.2021 05.29PM

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Qualification Description

"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."

Louise Dillon 18.10.2021 10.04PM

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2 Replies

"Agree that small business financial counselling should be a specialist area for FCs with experience"

Fiona Pettiford 04.11.2021 03.17PM

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"Agreed with this comment and additionally Small Business, Rural Financial Counselling, and Gambling (amongst others) could be Advanced Specialties and or higher level qualifications given the complexities involved with this work"

Mandy Jackson 08.11.2021 10.25AM

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last paragraph - reworded

"To achieve this qualification, the candidate must have completed 220 hours of Learning in the Workplace experience as detailed in the Assessment Requirements in relevant units of competency."

Bernadette Pasco 15.10.2021 02.24PM

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1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.35PM

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sentence structure - para about rural financial counsellors

"Rural financial counsellors undertake specialised financial counselling work that assists primary producers and rural small businesses, and are employed in agencies funded for this purpose. These agencies meet the requirements for an exemption from holding an Australian Credit Licence (ASIC legislative instrument 2017/793)."

Bernadette Pasco 15.10.2021 02.23PM

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2 Replies

"I agree with this comment"

Sarah Davidson 04.11.2021 02.36PM

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"I agree and disagree with this comment. The comment "Rural Financial Counselling Agencies meet the requirements for an exemption from holding an Australian Credit Licence (ASIC legislative instrument 2017/793)." is correct. However more importantly, RFC agencies have a different parametre to work under, and or undertake a different scope of work, and are at times not aligned with the FCA peak body. Your statement could infer that RFC agencies are aligned and or members of the FCA peak body which some are not."

Mandy Jackson 08.11.2021 11.43AM

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Packaging rules

PACKAGING RULES

17 units must be completed:

 

  • 14 core units
  • 3 elective units, consisting of:
    • up to 3 units from the electives listed below, any endorsed Training Package or accredited course.

 

Any combination of electives that meets the above rules may be selected for the award of the Diploma of Financial Counselling. Where appropriate, electives may be packaged to provide a qualification with a specialisation.

 

Packaging for specialisation:

At least 3 units from Group A must be selected for the award of Diploma of Financial Counselling (Rural), including CHCFIN004 Provide rural financial counselling services.

 

All electives chosen must contribute to a valid, industry-supported vocational outcome.

2 Comments

rural financial counselling specialisation

"suggest the following in view of rural financial counsellors not having to undertake CHCCDE002. this could mean that those undertaking the rural specialisation undertake 4 units in Group A"

Bernadette Pasco 15.10.2021 02.13PM

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1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.36PM

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Core units

CORE UNITS

CHCADV001

Facilitate the interests and rights of clients

CHCCCS019

Recognise and respond to crisis situations

CHCCDE002

Develop and implement community programs

CHCCSL001

Establish and confirm the counselling relationship

CHCCSL002

Apply specialist interpersonal and counselling interview skills

CHCCSL007

Support counselling clients in decision-making processes

CHCDIV001

Work with diverse people

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

CHCLEG002

Interpret and use legal information

CHCPRP003

Reflect on and improve own professional practice

 

8 Comments

CHCFIN009 Provide financial counselling within a social justice framework

"I like this Unit because it can directly address a gap that is touched on in the counselling units but not in the sense of teaching how a financial counsellor might be aware of how particular client circumstances impact on their actual finances, their options and the timelines involved with setting goals and then moving forward with their action plan. But, I wonder why we have only listed a few of variables that might be impacting the client: could we include at least ‘trauma’ here (which, I guess would best sit in the list at Element 3)? The effect of trauma is something that all financial counsellors should be aware of and able to account for when working with a client from any number of backgrounds - forced migration, dispossessed of home and/or culture, DV and other victims of crime, etc. Other things impacting the client and the approach we take that don’t seem to be mentioned elsewhere are many, maybe, at Element 3 we could include also; disability, illiteracy, pain, physical illness, grief/sorry business and the effects of a lack of sleep? I’m glad to see this Unit allows a space to consider the adjustments required to our financial counselling casework approach to cater for these variables in client circumstances, and I’d just like to see more aspects listed, and covered here. However, I will also comment that this Unit certainly does not seem to replace Unit on providing systems advocacy that has been taken out of this new Diploma. The ‘old’ unit on systems advocacy didn’t need a current client case in a particular area to address a social justice issue identified within the community sector. (In other words, time allocation for systemic change work didn’t need to be in the role of helping a particular client. Sometimes clients don’t want to, and shouldn’t be, identified when addressing an issue of injustice.) I’m not sure if anyone else thought this Unit would cover systemic advocacy…..but I thought it would, as now there doesn’t seem anywhere in the Diploma where financial counsellors are taught how to respond to boarder social justice issues identified by the sector.) "

Carolyn Joy 09.11.2021 06.39PM

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Advocacy Unit

"The Systems Advocacy Unit is forefront and central to the work we undertake as financial counsellors. After nearly 20 years in the Industry, working across various funding models and nfp agencies, a large component of the work we do is central to "advocating for clients". This unit should not be removed. The focus when advocating for a client is "client representation", and is specific to the client and a core function of our role. This unit recognizes and enables client representation across all forms of information sharing, building relationships in the negotiation process and so much more. This unit is central to the FC Industry and of major importance as a learning tool to new students in the FC Industry, and contributes to the understanding of systems and process within the framework of advocacy, and within a financial counsellor’s scope of work. Given all our work is reliant upon sector funding, advocacy promotes capability and capacity in all the work we do, within the scope of our work. This unit is of significant importance in the Diploma and from a social service model, separates Financial Counsellors from Financial Advisers. "

Mandy Jackson 08.11.2021 10.40AM

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Removal of Core Unit - Systems Advocacy Services

"The removal of the specific core unit - Systems Advocacy Services is concerning. The position of advocacy as an explicit, core unit recognizes and signals to the sector, government and industry the critical importance of systemic advocacy within a financial counsellor’s role. With future funding reliant on industry and government, this formal recognition and the ability of financial counsellors to engage in systemic advocacy at a local community level and a national level will be of critical importance. A community of knowledge and practice around how to engage effectively in advocacy, with a diversity of people from across the sector that bring local community knowledge will ensure it remains effective."

Jillian Williams 05.11.2021 09.19AM

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1 Reply

"Both Jillian and Mandy (08.11.2021 10.40AM) comments above reflect a concern that I also share. I was hoping that CHCFIN009 would provide a replacement for the present 'Provide Systems Advocacy Services' Unit - but it doesn't! Within the duties of financial counsellors there has been, and still is, an important role in providing systemic services to the community at large, rather than on behalf of individual clients as seems to be the case with the 'replacement' Unit of CHCFIN009 Provide financial counselling within a social justice framework. Being aware of social justice issues when providing financial counselling is different to being involved, as a financial counsellor, with systemic issues relevant to the client target group. I am disappointed to see this change and wonder if financial counsellors will, in the future, be involved in systemic change if it can't be done as part of casework. (This could mean, that if the time can't be allocated to an open client file, the FC may not be allowed to respond to systemic issue-based work, such as responding to calls for general feedback on issues they are seeing in their local area and, well, these sorts of changes!)"

Carolyn Joy 09.11.2021 05.44PM

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CHCFIN010 - Small Business

"The Small Business unit should not be a core unit, particularly when this is at the expense of other important units such as advocacy. The laws, regulations and financial obligations relating to Small Businesses can be complex and require a degree of specialisation that shouldn't be expected within a foundational Diploma. Basic knowledge about the structures of a small business and where to refer someone should be integrated within other units. More substantive knowledge should be achieved through continual professional development where a financial counsellor has practical experience; identifies that small business knowledge meets their organisation’s / community’s needs; knows the enquiries they are likely to encounter; can place the learnings within a practical context; and knows they can access expert advice and supervision. I am concerned that this unit will deter people who don’t have backgrounds in business or accounting or don’t feel it will meet their community’s needs from completing the diploma. If it is in the diploma, it should be an elective unit where people can self-identify whether it meets their learning goals and the extent to which they feel confident engaging with the content. "

Jillian Williams 05.11.2021 09.01AM

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Fin010

"Concerned a core unit on small business financial counselling might promote in graduates a false sense of how complex small business counselling can be. In remote settings there are often limited referral points so an FC with this unit may feel they are the only person available to assist clients with complex needs. This is a risk to the client, FC and agency. In a remote context, there are limited opportunities to embed small business learning in their practice (not unknown, but rare). Students intending to work remote may be better serviced by a unit more applicable to remote work."

Fiona Pettiford 04.11.2021 03.28PM

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CHCFIN010 - Small Business

"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."

Louise Dillon 18.10.2021 10.11PM

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CHCFIN010

"recommend that this unit not be included in core as a separate unit. This unit leads to very specific specialist information sharing and the performance criteria do not provide clear boundaries and in some cases are subjective- suggest rolling this content into either integrated practice unit CHCFIN009 or alongside content in FIN006, 007 and 008 "

Bernadette Pasco 15.10.2021 02.11PM

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ELECTIVE UNITS

Group A electives – RURAL FINANCIAL COUNSELLING specialisation

CHCFIN004

Provide rural financial counselling services

AHCAGB518

Develop climate risk management strategies

AHCAGB519

Plan and monitor production processes

AHCBUS516

Develop and review a business plan

AHCBUS518

Prepare and monitor budgets and financial reports

Other electives

CHCCCS003

Increase the safety of individuals at risk of suicide

CHCCCS004

Assess co-existing needs

CHCCOM002

Use communication to build relationships

CHCCOM003

Develop workplace communication strategies

CHCCSM004

Coordinate complex case requirements

CHCCSM005

Develop, facilitate and review all aspects of case management

CHCDIV002

Promote Aboriginal and/or Torres Strait Islander cultural safety

CHCMHS005

Provide services to people with co-existing mental health and alcohol and other drugs issues

CHCSET001

Work with forced migrants

CHCSET002

Undertake bicultural work with forced migrants in Australia

CHCSOH013

Work with people experiencing or at risk of homelessness

CHCSOH021

Work with clients within the social housing system

HLTWHS003

Maintain work health and safety

 

QUALIFICATION MAPPING INFORMATION

Supersedes and is not equivalent to CHC51115 Diploma of Financial Counselling. 

LINKS

Companion Volume Implementation Guide

22 Comments

including unit CHCEDU005 as an elective

"In SA, some agency have expressed interest in this unit as an elective. It specialises in financial literacy skills including skills to design and deliver community education. These skills aren't included in the current package. "

John Morris 11.11.2021 02.35PM

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rural financial counselling specialisation

"I think it would be great for rural financial counsellors to have their own qualification so that the specialist nature of their work can be better identified- there are many aspects of the other core units and also elective units that need to be understood quite differently - to think that 3 units gives that specialisation is inaccurate. The financial units focus on the NCCPA and the NCC - rural financial counsellors use the Farm debt mediation Act - just some of the key differences. "

Bernadette Pasco 09.11.2021 01.58PM

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1 Reply

"I agree with this"

Sarah Davidson 09.11.2021 03.28PM

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AHCAGB518 - Develop climate risk management strategies

"I havent seen this unit previously, and have worked in RFC for many years. I cant see how this unit is considered to be a core unit, or an elective. The information about climate change varies form regions to regions, and state to state. This unit would be too difficult to deliver and monitor as an RTO, and not relevant for many students studying the Diploma. I don't believe this unit is needed or relevant to the Diploma qualification. Rural Units vary, and again, are relevant (or not) depending on the funding and geographical location of the RTO. This unit could be easily replaced by a unit, such as (and relevant to) "financial capability" which would be far more relevant to financial capability workers that deliver "case work" in emergency welfare, which include many rural clients. Additionally Rural Financial Counsellors (as individuals) are not bound to be members of FCA or undertake 10/ 20 points of training and personal development each year, hence it could be said that the practice of a RFC is not aligned with the Peak FC Body. This unit is not applicable to the Diploma, and contributes to a far greater conversation about Rural Financial Counselling agencies working in isolation, and perhaps becoming specialists in their own scope of work/ Industry."

Mandy Jackson 08.11.2021 10.56AM

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CHCFIN010 Apply basic concepts of small business to financial counselling

"This should be an elective, not a core unit "

Sarah Davidson 04.11.2021 02.37PM

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CHCDFV001

"Recognise and respond to family and domestic violence needs to be an elective option if not a core unit. This issue causes immense harm that financial counsellors must be capable of responding to"

Iain Henderson 01.11.2021 02.17PM

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1 Reply

"Absolutely agree Iain"

Sarah Davidson 09.11.2021 03.29PM

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AHCAGB518 - Develop climate risk management strategies -

"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."

Louise Dillon 18.10.2021 10.23PM

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5 Replies

"Hi Louise, The unit you are referring to is not within the Community Services Training Package and is therefore, not within the scope of this project. We cannot make changes to that unit, we can only recommend whether it is retained in the qualification as an elective, or whether it should be removed. You are welcome to provide additional feedback on its appropriateness for inclusion, however, unfortunately we cannot make any amendments to its content. Many thanks, SkillsIQ"

Melinda Brown 27.10.2021 11.30AM

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"Hi Melinda, thank you, your response clarifies why I am not familiar with this unit. I don't believe this unit should be included; the unit is too subjective and would be hard to deliver and or assess from a financial counselling lense given the evolving changes to climate change policy across the agriculture sector. Thanks again for the clarification."

Louise Dillon 27.10.2021 12.30PM

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"Hi Louise - aside from Melinda's comment - this unit has been a rural financial counselling unit for some time since the work of rural financial counsellor frequently includes assisting in drought and flood situations and how these risks may be mitigated or managed financially etc. it is not focused on the current climate change debate "

Bernadette Pasco 27.10.2021 12.45PM

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"a good point Bernadette"

Iain Henderson 01.11.2021 02.09PM

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"I havent seen this unit previously and I don't believe it should be included in the Diploma. If we start delving into climate change, then why not delve deeper into other such topics that could be deemed similar such as - financial succession planning (can be applied to contexts in individuals, business, rural etc, and contributes to as you say "mitigating and or managing financial" viability etc). This unit is too subjective and political. Agree to disagree with you. This unit should not be included, and there are a host of other units that could be applied in a rural context, instead of this unit."

Mandy Jackson 08.11.2021 11.05AM

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CHCCCS004

"this unit replicates aspects of all the financial and other core units- if the integrated unit is included, this elective is not a good use of elective units- some RTOs may choose this as an 'easy' elective for this reason, but overall does not improve outcomes for the graduate becoming a financial counsellor - I note the comment in the introduction to the package "All electives chosen must contribute to a valid, industry-supported vocational outcome.""

Bernadette Pasco 15.10.2021 02.09PM

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2 Replies

"I agree with this comment"

Sarah Davidson 04.11.2021 02.36PM

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"Agree"

Fiona Pettiford 04.11.2021 03.35PM

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CHCCOM002

"the CHCCSL001 and CHCCSL002 units cover the content of this unit. it is not a good use of an elective unit for this qualification since it does not add a lot of value. I note the comment in the introduction "All electives chosen must contribute to a valid, industry-supported vocational outcome.""

Bernadette Pasco 15.10.2021 02.07PM

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2 Replies

"I agree with this comment"

Sarah Davidson 04.11.2021 02.36PM

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"Agree"

Fiona Pettiford 04.11.2021 03.36PM

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elective unit list

"CHCSOH001 was previously in this list- it is a very useful unit to deliver to get students to understand homelessness and ethical and response issues related specifically to that"

Bernadette Pasco 15.10.2021 02.03PM

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2 Replies

"I agree with this comment"

Sarah Davidson 04.11.2021 02.36PM

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"Agree, anywhere a FC may work they will have clients who are homeless or at risk of, very relevant."

Fiona Pettiford 04.11.2021 03.38PM

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