SkillsIQ, under the direction of the Client Services Industry Reference Committee (IRC), has undertaken a project to update the existing
and four 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 existing nationally recognised Financial Counselling qualification, four existing Units of Competency and the development of two new Units of Competency packaged within the CHC Training Package under the direction of the Client Services IRC has been commissioned by the Australian Industry and Skills Committee (AISC).
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 environments of the financial counselling sector that 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 Diploma will therefore play a crucial role in the development of the financial counselling workforce.
To inform the update of the Diploma, the four existing Units of Competency and the development of two new Units of Competency, a Financial Counselling Technical Advisory Committee (TAC) comprised of stakeholders and subject matter experts from across Australia was formed.
The Financial Counselling TAC worked on updating one existing Qualification and three existing Units of Competency that were released for public consultation in October 2021. In response to feedback obtained from Draft 1 public consultation, the Unit CHCFIN004 Provide rural financial counselling services has been added for review within the scope of this project.
Formation of the TAC informed the identification and validation of the exact nature of the skills needs and knowledge requirements in the industry and the respective Training Package Product update requirements.
To take forward Training Package Product update work, the Financial Counselling TAC and the Client Services IRC have subsequently reviewed and confirmed the changes required for the development of Draft 2, based on feedback received during the first round of consultation.
The Draft 2 validation period will seek feedback on one existing Qualification and six Units of Competency:
- CHC51122 Diploma of Financial Counselling
- CHCFIN006 Establish the financial counselling relationship
- CHCFIN007 Provide advice, counselling and representation to financial counselling clients
- CHCFIN008 Manage case administration and apply professional practice in financial counselling
- CHCFIN009 Provide financial counselling and systemic advocacy within a social justice framework
- CHCFIN010 Apply basic concepts of small business to financial counselling
- CHCFIN011 Provide rural financial counselling services.
Consultation Activities and Timelines
National consultation on Draft 1 took place from 14 October to 11 November 2021. During this period input was sought on the updated draft Qualification, three existing and two new Units of Competency and their associated Assessment Requirements.
Following the close of the consultation period, feedback received was collated and evaluated. This feedback has informed the development of Draft 2, which is now publicly available for validation prior to the submission for endorsement. A Validation Guide, which should be read in conjunction with the Draft 2 Training Package Products, is available for download at the bottom of this page.
National validation on Draft 2 will be open from Wednesday, 08 December 2021 and close at 5.00pm AEDT on Wednesday, 22 December 2021.
During this time SkillsIQ will be liaising with industry stakeholders, employers and subject matter experts. If you have expertise in these areas and would like to meet electronically with SkillsIQ, please contact Devika Mudaliar via firstname.lastname@example.org or via phone at (02) 9392 8100 or 0438 043 186.
To remain up to date with project developments, please subscribe to SkillsIQ’s mailing list at https://www.skillsiq.com.au/Subscribetoournewsletter.aspx.
A series of webinars were held along with access to the SkillsIQ Online Feedback Forum page.
Date Time (AEDT)
Webinar 1: Friday, 10 December 1:00pm–2:00pm (AEDT) - closed
Webinar 2: Tuesday, 14 December 2:00pm–3:00pm (AEDT) - closed
Webinar 3: Thursday, 16 December 11:00am–12:00pm (AEDT) - closed
Please click here to view the Draft 2 webinar slides.
For further information, please contact Devika Mudaliar on (02) 9392 8100 or 0438 043 186, or via email at email@example.com.