Diploma of Financial Counselling - Draft 1

CHCFIN007 Provide counselling advice and represent the client_Draft 1.0

Please scroll down to review the various sections of this document. You can leave a comment by clicking on .
You can choose to be notified when someone else comments by clicking on
You can unsubscribe from notifications by clicking on

Unit application and prerequisites

UNIT CODE

CHCFIN007

UNIT TITLE

Provide counselling, advice and represent the client

APPLICATION

This unit describes the skills and knowledge required to analyse and use technical information to assist individuals to understand their rights and make informed decisions about financial issues in the context of a strengths-based and client-focused financial counselling model.

 

This unit applies to financial counsellors who work in agencies that meet the requirements for the Australian Securities and Investments Commission (ASIC) exemptions from holding a financial services or credit licence.

 

The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand Standards and industry codes of practice.

PREREQUISITE UNIT

Nil

COMPETENCY FIELD

 

UNIT SECTOR

 

9 Comments

Unit Title - Provide counselling, advice and represent the client

"I dont agree with using the term "advice". Providing "advice" is subjective and gives the wrong message to clients if they think we can provide advice. Yes we represent the client, but we are not aligned with financial planners. To give advice is not the correct term. We guide, provide information and options, and assist the client's self determined pathway through case work, secondary consultations, referrals, information and assistance etc. "

Mandy Jackson 10.11.2021 11.27AM

You need to login to post a reply. or Register

Element 1.6

"I am wondering if this element is necessary. Given Element 2 Counsel and give advice to client documents in detail the provision of client information advice, legal rights etc."

Jill McKinlay 10.11.2021 11.11AM

You need to login to post a reply. or Register

Pre-requisite unit

"ADV001 and FIN006 - both units are foundational units and knowledge and skills learnt in these units are applied to FIN006"

Jill McKinlay 10.11.2021 10.51AM

You need to login to post a reply. or Register

pre-requisite

"uggest that CHCADV001 be a pre-requisite for the financial units. this unit provides a good grounding and prepares the student for the financial advocacy / representation that they will undertake in the financial counsellor role"

Bernadette Pasco 10.11.2021 08.18AM

You need to login to post a reply. or Register

title of the unit

"recommend: provide financial counselling advice and represent the client "

Bernadette Pasco 27.10.2021 12.59PM

You need to login to post a reply. or Register

4 Replies

"I agree - this unit seems to discuss Financial Counselling advice, not counselling advice."

Claire Sambell 04.11.2021 11.33AM

You need to login to post a reply. or Register

"I agree with this comment"

Sarah Davidson 04.11.2021 02.29PM

You need to login to post a reply. or Register

"I agree with this comment"

Jill McKinlay 10.11.2021 10.52AM

You need to login to post a reply. or Register

"Yes, I agree- it better represents the scope of the role and service."

Natasha Syed Ali 10.11.2021 11.06PM

You need to login to post a reply. or Register

Elements and performance criteria

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element.

  1. Assess client position.
    1. Assess if the client is managing each valid debt or needs assistance.
    2. Assess the client's financial capacity to pay each debt.
    3. Assess the impact of any debt recovery processes on the client.
    4. Work with client to assess highest priority debts or most significant financial stresses.
    5. Discuss identified legal and consumer protection issues to highlight key areas that may require action.
    6. Assess if the client needs information, advice, referral or representation.
  1. Counsel and give advice to client.
    1. Write and maintain a case plan which identifies issues to be addressed, the client and financial counsellor strategies and responsibilities.
    2. Assist clients that will self-advocate to develop an action plan.
    3. Identify and inform client of potential for additional or different income sources or entitlements to improve their financial situation.
    4. Identify and discuss client’s legal rights and responsibilities in relation to each debt and overall financial situation.
    5. Provide advice to the client by assessing the consequences of workable strategies.
  1. Act for the client.
    1. Explain what is involved if the financial counsellor will be acting for the client.
    2. Work with the client to identify areas where they want to take action.
    3. Obtain a third-party authority to act for the client using principles of informed consent.
    4. Collect and use appropriate documentation required to represent the client.
    5. Identify, use and adapt standard financial counselling sector tools and templates.
    6. Apply appropriate negotiation tools and techniques with creditors, government agencies and others to agree arrangements on behalf of the client to improve the client's financial position.
    7. Take action to assist the client improve their financial position.

43 Comments

PC 2.1

"Suggestion- Work collaboratively to establish a case plan which identifies issues, strategies, responsibilities of client and counsellor."

Natasha Syed Ali 10.11.2021 11.25PM

You need to login to post a reply. or Register

Elements 2 and 3

"Recommended - 2. Provide counselling skills, and support client through the financial counselling process. Remove "advice""

Mandy Jackson 10.11.2021 11.46AM

You need to login to post a reply. or Register

Element 2

"I think a distinction between a case plan and an action plan would be useful in this element. An additional PC to address the use of an action plan? This would support learners when they are completing their work placement. Write and maintain a case plan which identifies issues to be addressed, Write and maintain an action plan which identifies the client and financial counsellor strategies and responsibilities."

Jill McKinlay 10.11.2021 11.36AM

You need to login to post a reply. or Register

1 Reply

"I agree"

Michelle Ludwig 11.11.2021 04.39PM

You need to login to post a reply. or Register

Write and Maintain a Case Plan

"A case management focus should be applied in all the work we undertake as a FC. If we continue to focus on "transactional" type works, we will be unable to deliver professional and comprehensive works for the client, which includes understanding the referrals pathways, secondary consults etc. Understanding the importance of a case plan is very important and is central to the comprehensive and multi-layered work we undertake on a daily basis. Case work is also very important to building our understanding of the preface to a client being in financial hardship."

Mandy Jackson 08.11.2021 11.14AM

You need to login to post a reply. or Register

Element 2

""Write and maintain a case plan which identifies issues to be addressed". Financial counsellors I have employed have not known how to formulate and craft a case plan and all the stages that generally go with case planning. What this is generally understood as is more of a "tick list" of tasks to do - e.g. getting a debt waived or super payout. There is a lack of understanding about how to assess a client and identify with bigger picture "financial resilience" goals, strategies to achieve this and also how to support them in this. There is little concept of "exit planning". Much more attention and development of this element is needed in the course."

Carolyn Cartwright 01.11.2021 11.47AM

You need to login to post a reply. or Register

rename element 3

"we don't act for the client - that is lawyer language- financial counsellors advocate for the client to negotiate outcomes. Suggest - represent the client "

Bernadette Pasco 29.10.2021 08.12AM

You need to login to post a reply. or Register

4 Replies

"I agree with this comment"

Sarah Davidson 04.11.2021 02.29PM

You need to login to post a reply. or Register

"We absolutely represent and act for the client, this is the language I was taught 20 years ago as an FC !"

Mandy Jackson 08.11.2021 11.07AM

You need to login to post a reply. or Register

"Agree with this comment. It is important to make distinctions between "financial counselling language" and legal terminology. Another suggestion - advocate for the client"

Jill McKinlay 10.11.2021 11.03AM

You need to login to post a reply. or Register

"Acting for the client is the correct characterisation of the role. The language of “advocate for the client” is more narrow (for example, you don’t “advocate for the client” when a financial counsellor contacts Centrelink to get information about payments but you are acting for them). “Advocating” is also sometimes misunderstood (unfortunately) as "I need to take no prisoners’' in interactions with creditors. When you act for a client (or represent a client), it brings in the very important requirement to be sure that you are doing so based on clear instructions from the client. A financial counsellor always has a choice about whether to act for a client or not. "

Domenique Meyrick 11.11.2021 12.59PM

You need to login to post a reply. or Register

under element 2 - add the following from CHCFIN009 and amend wording

"Adjust practice to mitigate personal and financial and risks that result from particular client circumstances such as : gambling harm. domestic and family violence. mental illness. elder abuse. small business issues other factors. this enhances content already in FIN007 and removes the need for the integrated practice unit "

Bernadette Pasco 28.10.2021 07.38AM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.29PM

You need to login to post a reply. or Register

Element 2 - adjust performance criteria

"2.1 work with the client to identify additional income sources and entitlements that may assist to improve their financial situation 2.2 Review and clarify each debt to identify client's legal rights and responsibilities 2.3 Provide advice to the client about potential responses to debts within context of their rights 2.4 review a range of options relevant to debt, debt recovery and potential consequences 2.5 Write and maintain a case plan in collaboration with the client 2.6 Identify the need for additional support services and refer the client with their consent when necessary "

Bernadette Pasco 28.10.2021 07.19AM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.29PM

You need to login to post a reply. or Register

element 1 - amend performance criteria

"1.1. Assess the status of each debt 1.2 Assess the client's financial capacity to pay valid debts 1.3 assess the impact of debt recovery processes on the client and provide information about ways to respond 1.4 Assist the client to understand how consumer protection and financial rights can assist ther debt situation 1.5 work with the client to prioritise debt matters and apply legal remedies 1.6 Identify the client need for information, advice, referral or representation 1.7 Identify issues that are systemic"

Bernadette Pasco 28.10.2021 07.08AM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.29PM

You need to login to post a reply. or Register

element 2

"need to add another pc - apply relevant legislation to the client situation- so that the knowledge evidence has a basis for teaching the relevant legislations; these are listed in the knowledge evidence; the fc can't complete an action plan without knowing the application of relevant legislation and codes"

Bernadette Pasco 28.10.2021 06.52AM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

3.7

"ensure all actions improve the client's financial position "

Bernadette Pasco 27.10.2021 01.45PM

You need to login to post a reply. or Register

2 Replies

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

"agreed "

Jill McKinlay 10.11.2021 11.15AM

You need to login to post a reply. or Register

3.6

"Use appropriate negotiation tools and techniques to improve the client's financial position"

Bernadette Pasco 27.10.2021 01.44PM

You need to login to post a reply. or Register

2 Replies

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

3.4

"Maintain the client record using approved documentation "

Bernadette Pasco 27.10.2021 01.42PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

3.2

"collaborate with the client to identify options for action "

Bernadette Pasco 27.10.2021 01.41PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

preformance criterion 2.2

"this is a repeat of p.c. 2.1 - the case plan should be the action plan for both FC and client - this is then shared with the client - suggest remove this P.C. "

Bernadette Pasco 27.10.2021 01.03PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

performance criterion 2.1

"create and maintain the client case plan with the client as a dynamic document to clearly identify each issue, associated option, goal and associated strategy and who will attend to each task. "

Bernadette Pasco 27.10.2021 01.01PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

element 2

"document and retain all information about the client and associated actions "

Bernadette Pasco 27.10.2021 12.57PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

element 1

"needs to have performance criterion - undertake a full assessment of the client's financial position "

Bernadette Pasco 27.10.2021 12.50PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.30PM

You need to login to post a reply. or Register

2. Counsel and give advice to client.

"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."

Louise Dillon 18.10.2021 09.50PM

You need to login to post a reply. or Register

5 Replies

"Financial counsellors give advice every day - this is not outside the scope - financial counsellors do not provide legal or counselling advice, but nevertheless they are providing advice about options including hardship and debt negotiation, bankrutpcy and many other related pieces of advice- financial counselling advice, which is without conflict. The client makes their own decision based on this advice"

Bernadette Pasco 27.10.2021 12.49PM

You need to login to post a reply. or Register

"Thanks for the input Bernadette, my comment was made in reference to separating "financial advisers" from financial counsellors ie "giving advice on financial products"...thanking you."

Louise Dillon 27.10.2021 02.28PM

You need to login to post a reply. or Register

""Advice" needs to be defined for current and future Financial Counsellors. In the finance sector, workers can give factual information (lowest level), general advice, or personal advice (highest level) depending on the worker's training and role. Based on the little knowledge I have, I understand that therapeutic counsellors are trained that they should not give advice, rather that they should reflect back to the client what the client wants to do and use interventions as appropriate. Financial Counsellors need a clear definition of what "advice" means in our roles and when we would and would not "give advice". This could be defined as part of the course content."

Claire Sambell 04.11.2021 11.31AM

You need to login to post a reply. or Register

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

"Financial counsellors take information and tailor it to a client's actual circumstances. This is giving advice and it’s an important part of the professional identity of the sector. It’s also the reason that financial counselling agencies are exempted from having to hold an Australian Financial Services Licence or an Australian Credit Licence. "

Domenique Meyrick 11.11.2021 12.56PM

You need to login to post a reply. or Register

Foundation skills

FOUNDATION SKILLS

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

SKILLS

DESCRIPTION

Reading skills to:

  •  

Writing skills to:

  •  

Oral communication skills to:

  •  

Numeracy skills to:

  •  

Learning skills to:

  •  

Problem-solving skills to:

  •  

Initiative and enterprise skills to:

  •  

Teamwork skills to:

  •  

Planning and organising skills to:

  •  

Self-management skills to:

  •  

Technology skills to:

  •  

UNIT MAPPING INFORMATION

Supersedes and is not equivalent to CHCFIN002 Identify and apply technical information to assist clients with financial issues.

LINKS

Companion Volume Implementation Guide

21 Comments

element 3

""

Bernadette Pasco 28.10.2021 06.51AM

You need to login to post a reply. or Register

reading skills

"read, interpret and analyse complex numeric statements, written legal and contract informationand other complex documentation [e.g. health statements, medical reports etc.]; read legislation, policies and rules about their applications"

Bernadette Pasco 27.10.2021 12.57PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

writing skills

"Apply English language and related grammar, etiquette and structure when writing letters; use appropriate grammar and sentence structure to represent the needs of the client; respond to complex legalistic letters in an appropriate way in writing; use appropriate etiquette in letter writing, emails and other forms of written communication. Equivalent to AQF level 5 and above "

Bernadette Pasco 27.10.2021 12.56PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

oral communication skills

""communicate verbally using appropriate technical language and using objective approaches; ACF level 4/ 5 and above; respond to questions at hand verbally and without judgment; assist the client to formulate oral communication "

Bernadette Pasco 27.10.2021 12.56PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

Numeracy skills

"AQF level 5 and above - understand complex financial statements; interpret financial offeres to provide information to the client; apply excellence in numeracy in written and oral advocacy for the client "

Bernadette Pasco 27.10.2021 12.55PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

learning skills

""proactive learning approach; ability to seek information, set learning goals and work to improve professional performance""

Bernadette Pasco 27.10.2021 12.55PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

interpretive and enterprise skills

""interpret complex information and apply emotional intelligence, knowledge and common sense to client and workplace situations""

Bernadette Pasco 27.10.2021 12.54PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

teamwork skills

""broad range of communication and collaboration skills to assist team function and development to support organisational structure to achieve client outcomes ""

Bernadette Pasco 27.10.2021 12.54PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

planning and organisational skills

"7. "able to apply knowledge and skills to the needs of the organisation, the client and the team within time constraints; demonstrated ability to plan work activities to meet the purpose of the organisation and client objectives within context of the financial counsellor role""

Bernadette Pasco 27.10.2021 12.53PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

self management skills

"3. "ability to understand scope of practice, risk frameworks; able to practice self- reflection and demonstrate self-awareness; seeks to improve practice and seeks support when work impacts well-being ""

Bernadette Pasco 27.10.2021 12.53PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.31PM

You need to login to post a reply. or Register

technology

"1. "create and write word documents, use excel and basic programs; able to use Word functions such as track changes and other collaboration software; ability to use online services to assist the client with advocacy such as lodging complaints and sharing documents with creditors; use online services to engage in continuous professional development activities; understand and use communication platforms like email, sharepoint; understand and apply cybersecurity and document security protocols ""

Bernadette Pasco 27.10.2021 12.53PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.32PM

You need to login to post a reply. or Register

Performance evidence

TITLE

Assessment Requirements for CHCFIN007 Provide counselling, advice and represent the client

PERFORMANCE EVIDENCE

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

  • performed the activities outlined in the performance criteria of this unit during a period of 220 hours of work in a financial counselling agency that has met the requirements for the Australian Securities and Investments Commission (ASIC) exemptions from holding a financial services or credit licence or in an appropriate simulated environment.
  • used critical thinking and problem-solving to analyse financial and other information for at least five clients with multiple and complex needs to:
    • assess and prioritise debts
    • identify legal and consumer protection rights
    • provide advice
    • provide representation, including in each of the following mediums:
      • telephone
      • in writing (letters or emails):
        1. complaints to Internal Dispute Resolution (IDR) or External Dispute Resolution (EDR)
        2. request for a hardship variation or a deby waiver.

2 Comments

performance evidence

"the performance evidence needs to capture more of the knowledge evidence so that all RTOs have to undertake this as part of the assessment in a real way. it should be linked to Learning in the Workplace. e.g. stating thatL The student must provide all of the following evidence for each of the 5 clients in the form of a client file for each client that includes completed documentation for: 1. full assessment including clear identification of (i) urgent issues [triage] including screening processes (ii) financial and (iii) underlying issues; 2. Statement of income and expenses; assets and liabilities and Statement of financial position used for advocacy [must use FCA Statement of Financial Position]; 3. outline/ summary of complex issues including affected others, family violence, homelessness, problem gambling, victim of crime, mental health etc. 4. case plan and related processes 5. client agreement to enter service and other agency-like documents 6. conflict of interest check 7. case notes 8. creditor list 9. advocacy letters 10. copy of complaint to IDR/ EDR 11. case progress - e.g. planning for case closure 12. referral to other services [letters and notes or referral forms] 13. checklists [e.g. bankruptcy checklist] 14. process for case closure [client perspective] 15. case closure letter 16. agency process for closing the file. The student must write a client case study for each client. this case study should include a full summary of the client situation, actions and outcomes along with identified systemic issues and actions to progress the systemic issue to the regulator, peak bodies etc. The 5 clients should engaged with in a real financial counselling workplace or virtual financial counselling workplace [STEPS] with the client information to be captured across the three financial counselling units [FIN006, 007 and 008] , with the student building the client profile and documentation as they go through their learning in the workplace experience. Performance evidence should give option for 3 additional clients through STEPS only should the student not be able to attend clients with the complex matters that relate to DFV, small business, problem gambling or other addictions So that means that the practices around DFV, gambling/ addictions and small business could be specifically captured through the student working with STEPS. RTOs assessing students in the workplace must use an approved checklist that includes observation of the student undertaking: 1. engagement with the client 2. ways of working with the client to ascertain debt, make referral and undertake debt negotiation within the context of client centred practice 3. representing the client 4. having a phone conversation with the client 5. writing a letter to a creditor and requesting financial hardship or debt waiver and making appropraite arrangements for this to be achieved 6. writing a complaint -or going through the online complaints process 7. written case note writing "

Bernadette Pasco 27.10.2021 01.54PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.32PM

You need to login to post a reply. or Register

Knowledge evidence

KNOWLEDGE EVIDENCE

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

  • types of debt and their features, including:
    • secured and unsecured
    • unsecured credit products including credit cards, personal loans, BNPL, wage advance, SACCs & MACCs
    • consumer leases
    • fringe lenders/predatory lenders
    • joint/relationship debts
    • guarantors and co-borrowers
    • tax debts
    • fines and infringements
    • government related debts
  • tools for collecting financial information:
    • statement of financial position
    • income statements (including Centrelink)
    • liability and debt statements
    • complex needs assessment
    • legal documents and contracts
    • profit and loss statements for small business
    • assets and liabilities
  • consumer protection laws, regulatory guidance and industry codes affecting consumers and small business:
    • National Consumer Credit Protection Act 2009 (particularly Schedule 1, National Credit Code and responsible lending, hardship requirements)
    • Competition and Consumer Act 2010 (particularly Schedule 2, The Australian Consumer Law)
    • State/Territory Fair trading acts
    • social security law
    • taxation law
    • Privacy Act (and credit reporting code)
    • Bankruptcy Act 1966
    • ASIC regulatory guides, ASIC/ACCC debt collection guidelines
    • Banking Code of Practice, Customer Owned Banking Code of Practice, Telecommunications Consumer Protection Code, energy codes, BNPL Code
    • Open data and the consumer data right
  • relevant client documents (hard copy or online) such as:
    • income source (eg Centrelink income statements)
    • any legal letters
    • bills
  • specific legislation impacting financial counselling, including:
    • ASIC class order 11/792 re exemption from an Australian Financial Service Licence and how this applies to the work of generalist financial counsellors and their agencies
    • ASIC class order 11/793 re exemption from an Australian Credit Licence and how this applies to all financial counsellors and their agencies
    • claims management exemption for financial counsellors that are members of their State/Territory financial counselling association
  • financial counselling role, including:
    • giving advice to clients
    • representing clients and acting on the client’s behalf
    • duty to act in their client’s best interests
    • ethical obligations, including as set out in the Australian Financial Counselling Code of Ethical Practice
    • having expertise in financial difficulty and a range of areas relating to financial difficulty
    • financial counsellors are not:
      • financial planners or accountants
      • providers of emergency relief and material aid
      • finance brokers
      • legal advisors or solicitors
      • therapeutic counsellors
      • business advisors
  • aspects of informed consent including,
    • privacy statement
    • checking for understanding
    • varying or ending agreement
  • rights and responsibilities of workers, employers and clients
  • income sources such as:
    • wages and salary
    • Centrelink
    • child support
    • rental/board
    • superannuation income stream or lump sum
    • insurance payment (eg TPD, income protection)
    • business income
    • compensation (workers compensation, injury and accident)
    • other income sources
  • expenditure support relating to:
    • utilities
    • housing
    • cost of living
    • emergency relief and other assistance
  • actions that may assist the client to improve their financial position:
    • debt waivers
    • hardship arrangements under the credit code or informal arrangements
    • hardship arrangements for non-credit code debts/bills
    • IDR and EDR
    • bankruptcy and debt agreements
    • early access to superannuation
    • accessing insurances (TPD, income protection), either in or out of superannuation
    • insurance claims for contents/property
    • amending a credit report
    • challenging an unfair contract term
    • legal action through courts or tribunals
    • appealing against adverse decisions from Centrelink and Child Support
  • tools to use in providing advice:
    • online tools for accessing grants or concessions
    • use of standard letters
  • representing the client including:
    • what is involved
    • roles and responsibilities
    • third party authority form
    • continuing input and instructions from the client
  • document the issues where the financial counsellor will be representing the client
  • key sources of information and resources including:
    • FCA toolkit
    • NDH website
    • State Association resources
  • tools and techniques for negotiating with creditors or making complaints:
    • communication including both written and verbal
    • how to best present your client’s case, including the evidence required
    • standard letters and resources developed by the financial counselling sector or legal centres.

5 Comments

Tools for collecting financial information

"As FIN010 is not a pre-requisite for this unit, I don't think knowledge about profit and loss statements should be required in this unit. Some clarification of the difference between 'liability & debt statements' & balance sheets would be helpful."

John Morris 11.11.2021 02.11PM

You need to login to post a reply. or Register

identify specific tools and templates

"identify specific templates that should be used throughout the knowledge evidence - e.g. FCA Statement of financial position; AFCA complaint criteria etc. This will make it more likely for RTOs to use the sector specific information rather than inventing their own "

Bernadette Pasco 29.10.2021 08.14AM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.32PM

You need to login to post a reply. or Register

Knowledge evidence

"add text that strengthens the need to ensure that all areas of study are covered in the course delivery and assessment such as: the student must demonstrate responses to questions about all of the topics in the knowledge formative assessments; RTOs are expected to meet industry standards by including all knowledge areas in assessment. "

Bernadette Pasco 27.10.2021 02.08PM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.32PM

You need to login to post a reply. or Register

Assessment conditions

ASSESSMENT CONDITIONS

Skills must be demonstrated in the workplace or with simulations and scenarios developed by Financial Counselling Australia capturing the full range of contexts and situations.

 

Assessment must ensure access to:

  • suitable facilities, equipment and resources, including:
    • client information
    • organisational policies, procedures and resources
  • modelling of industry operating conditions, including:
    • scenarios that involve complex interactions with other people
    • scenarios that involve problem-solving.

 

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

LINKS

Companion Volume Implementation Guide

2 Comments

add more depth

"Skills must be demonstrated in a financial counselling workplace and if that is not possible, with simulations and scenarios developed by Financial Counselling Australia capturing the full range of contexts and situations. Assessment must ensure access to: suitable facilities, equipment and resources, including: qualified financial counsellor workplace mentors client information organisational policies, procedures and resources FCA templates for client service delivery [e.g. Statement of financial position, Bankruptcy checklist etc. ] modelling of industry operating conditions, including: provision of scenarios that involve complex interactions with other people and professionals scenarios that involve problem-solving; application of mentoring skills that assist the student to participate in the workforce and identify progression of the student from basic intake and financial information to assisting a client with complex debt and related problems"

Bernadette Pasco 28.10.2021 07.27AM

You need to login to post a reply. or Register

1 Reply

"I agree with this comment"

Sarah Davidson 04.11.2021 02.32PM

You need to login to post a reply. or Register