This unit is about the identification of technical information for application in a financial counselling context Clients are provided with specific technical information and are supported to explore options and make decisions in the context of their overall personal situation In order to qualify for the ASIC exemption from the delivery of financial service contained in the Financial Services Reform Amendment Act (2003) a financial counsellor must be eligible for membership of the financial counselling association recognised in their State or Territory Financial counselling operates from a strengths-based and client-focused model |
Not Applicable
ELEMENT | PERFORMANCE CRITERIA |
1. Review client income sources | 1.1 Review available information about client income 1.2 Identify potential income sources and entitlements for client 1.3 Inform client of potential for additional or different income sources or entitlements to improve their financial situation |
2. Ensure client is receiving appropriate information regarding living expenses | 2.1 Review and document client's approach to managing living expenses 2.2 Identify client's options and rights for managing living expenses 2.3 Provide additional information as required to address gaps in client knowledge re living expenses and available support |
3. Ensure client understands their rights in respect to legal and consumer protection | 3.1 Clarify client's understanding of their rights re legal and consumer protection 3.2 Discuss identified legal and consumer protection issues to highlight key areas that may require action 3.3 Provide additional information as required to address gaps in client knowledge about their rights in relevant legal and consumer protection areas |
4. Identify types of debt presented by client | 4.1 Review contracts and associated documentation to clarify validity of client debt 4.2 Review available information about areas of client debt and seek further information as required to clarify types of debt held for each client 4.2 Provide information as required to assist client to understand the implications of different types of debt involved |
5. Identify options in regard to debt and debt recovery | 5.1 Identify impact of debt and debt recovery processes on client's financial situation 5.2 Review a range of options relevant to debt and debt recovery and identify potential consequences in relation to client's financial situation 5.3 Identify appropriate strategies for debt and debt recovery to address client's particular financial situation |
6. Identify appropriate referral and support services | 6.1 Apply knowledge of referral and support services available to each client 6.2 Provide relevant and accurate information to the client about services available to address client needs |
This describes the essential skills and knowledge and their level required for this unit. |
Essential knowledge: The candidate must be able to demonstrate essential knowledge required to effectively do the task outlined in elements and performance criteria of this unit, manage the task and manage contingencies in the context of the identified work role These include knowledge of: Organisation policies and procedures relating to the provision of information Income sources, entitlements and associated issues relating to: Centrelink taxation child support small business work choices wages welfare rights compensation such as Workcover, criminal injuries and motor vehicle accidents insurance Expenditure support relating to: utilities housing emergency relief and other assistance Consumer issues covered by legislation, regulations and instruments, relating to: Uniform Consumer Credit Code (UCCC) contract law consumer law fair trading acts internal dispute resolution (IDR) and alternative dispute resolution (ADR) insurance consumer credit insurance fringe lending bankruptcy Types of debt: secured and unsecured joint debts lodoc and nodoc debts guarantors and co-borrowers consumer credit leases fines government related debts continued ... |
Essential knowledge (contd): Debtor options: formal and informal arrangements debt recovery bankruptcy early release of superannuation courts, tribunals and legal processes Local networks for referral and support, including: legal aid family law welfare rights centres community legal centres other specialist services |
Essential skills: It is critical that the candidate demonstrate the ability to: Work effectively with clients to provide and clarify information relating to: correct income sources and entitlements living expenses and associated support legal and consumer protection rights debt and debt recovery processes and options Provide information about available referral and support services Access and interpret legislative and regulatory requirements relevant to specific client situations within the scope of own work role Impart accurate information in a clear and timely manner Comply with legislation and rules relating to financial counselling Work within organisation policies and procedures relating to the provision of information |
The evidence guide provides advice on assessment and must be read in conjunction with the Performance Criteria, Required Skills and Knowledge, the Range Statement and the Assessment Guidelines for this Training Package. | |
Critical aspects for assessment and evidence required to demonstrate this unit of competency: | The individual being assessed must provide evidence of specified essential knowledge as well as skills This unit is best assessed in the workplace or in a simulated workplace under the normal of range conditions Assessment should be gathered on one or more occasions but must reflect the normal range of client situations encountered in the workplace |
Access and equity considerations: | All workers in community services should be aware of access, equity and human rights issues in relation to their own area of work All workers should develop their ability to work in a culturally diverse environment In recognition of particular issues facing Aboriginal and Torres Strait Islander communities, workers should be aware of cultural, historical and current issues impacting on Aboriginal and Torres Strait Islander people Assessors and trainers must take into account relevant access and equity issues, in particular relating to factors impacting on Aboriginal and/or Torres Strait Islander clients and communities |
Context of and specific resources for assessment: | This unit can be assessed independently, however holistic assessment practice with other community services units of competency is encouraged Resources required for assessment of this unit include access to: an appropriate workplace where assessment can take place or simulation of realistic workplace setting for assessment |
Method of assessment: | In cases where the learner does not have the opportunity to cover all relevant aspects in the work environment, the remainder should be assessed through realistic simulations, projects, previous relevant experience or oral questioning on 'What if?' scenarios Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on Essential knowledge and skills and consideration of required attitudes Where performance is not directly observed and/or is required to be demonstrated over a 'period of time' and/or in a 'number of locations', any evidence should be authenticated by colleagues, supervisors, clients or other appropriate persons |
Related units: | This unit is part of a suite of units that describe the financial counselling process and are to be assessed concurrently or sequentially: CHCFIN501A Identify and apply technical information to assist clients with financial issues CHCFIN502A Facilitate the financial counselling process CHCFIN503A Develop and use financial counselling tools and techniques |
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. | |
Information on clients financial situation and relevant personal details will include: | Income and entitlements Credit and debt commitments Assets Household expenditure Possible sources of financial assistance Employment status Constituents of Household Any personal issues with direct impact on the financial situation |
Not Applicable
This unit contains Employability Skills |
Not Applicable