Unit of competency details
CHCFIN002 - Identify and apply technical information to assist clients with financial issues (Release 2)
Summary
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 081101 | Banking And Finance | 29/Apr/2016 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version was released in CHC Community Services Training Packagerelease 3.0 and meets the requirements of the 2012 Standards for Training Packages.
Significant changes to the elements and performance criteria. New evidence requirements for assessment including volume and frequency requirements. Significant change to knowledge evidence. Minimum work hours added.
Supersedes CHCFIN501A
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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) exemption from 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.
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements define the essential outcomes
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Review client income sources
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1.1 Source and review available information about client income
1.2 Identify potential income sources and entitlements for client
1.3 Identify and inform client of potential for additional or different income sources or entitlements to improve their financial situation
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2. Ensure client is receiving appropriate information regarding living expenses
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2.1 Assist the client to review and document their approach to managing living expenses
2.2 Identify client’s options and rights for managing living expenses
2.3 Provide additional information to address gaps in client knowledge about living expenses and available support
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3. Facilitate client understanding of consumer protections and their legal rights
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3.1 Clarify client’s understanding of their rights regarding 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 to address gaps in client knowledge about their rights in relevant legal and consumer protection areas
3.4 Identify and provide appropriate opportunities for referral where required
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4. Evaluate types of debt presented by client
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4.1 Review contracts and associated documentation to clarify validity of client debt
4.2 Review areas of client debt and seek further information to clarify types of debt and the stage of the debt
4.3 Provide information to assist client to understand the implications of different types of debt that may be impacting on them
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5. Identify options in regard to debt and debt recovery
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5.1 Identify impact of debt and debt recovery processes on client and their financial situation
5.2 Review a range of options relevant to debt and debt recovery and identify potential consequences in relation to the client and their financial situation
5.3 Identify appropriate strategies for debt management to address client’s particular situation
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6. Identify appropriate referral and support services
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6.1 Proactively identify and assess type of support services needed by client based on analysis of financial information
6.2 Provide current and accurate information about, and refer client to, services to address client needs
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Foundation Skills
The Foundation Skills describe those required skills (language, literacy, numeracy and employment skills) that are essential to performance.
Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.
Unit Mapping Information
No equivalent unit.
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53
Assessment requirements
Modification History
|
Release
|
Comments
|
|
Release 1
|
This version was released in CHC Community Services Training Packagerelease 3.0 and meets the requirements of the 2012 Standards for Training Packages.
Significant changes to the elements and performance criteria. New evidence requirements for assessment including volume and frequency requirements. Significant change to knowledge evidence. Minimum work hours added.
Supersedes CHCFIN501A
|
Performance Evidence
The candidate must show evidence of the ability to complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the job role. There must be evidence that the candidate has:
- 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) exemption from a financial services or credit licence or in an appropriate simulated enviroment.
- used critical thinking and problem-solving to analyse financial information for at least 5 different clients with varied financial situations and developed technical solutions and options relating to:
- correct income sources and entitlements
- living expenses and associated support
- legal and consumer protection rights
- debt and debt recovery processes and options
- additional advocacy options.
Knowledge Evidence
The candidate must be able to demonstrate essential knowledge required to effectively complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the work role. This includes knowledge of:
- legal and ethical considerations (national, state/territory) for financial counselling, and how these are applied in organisations and individual practice:
- codes of conduct/practice
- conflict of interest
- duty of care
- human rights
- informed consent
- practice standards
- practitioner/client boundaries
- privacy, confidentiality and disclosure
- records management
- rights and responsibilities of workers, employers and clients:
- scope and limitations of financial counsellor role
- specific legislation impacting financial counselling, including:
- advocacy legislation
- ASIC class order 03/1063 and how this applies to the work of financial counsellors and their agencies
- ASIC class order 11/926 and how this applies to rural financial counsellors
- work role boundaries – responsibilities and limitations
- work health and safety
- organisation policies and procedures relating to the provision of information
- income sources, entitlements and associated issues relating to:
- Centrelink
- taxation
- child support
- superannuation insurances
- income protection insurance
- small business
- work choices
- wages
- welfare rights
- compensation (WorkCover, TAC, injury and accident) insurance
- family trusts
- other income sources
- expenditure support relating to:
- utilities
- housing
- cost of living
- emergency relief and other assistance
- consumer issues covered by legislation, regulations and instruments, relating to:
- National Consumer Credit Protection Act 2009
- National Credit Code
- social security law
- taxation law
- fair trading acts
- internal and external dispute resolution mechanisms (IDR and EDR) insurance
- consumer credit insurance
- fringe lending
- bankruptcy and debt agreements
- types of debt and their features, including:
- secured and unsecured credit
- joint/relationship debts
- guarantors and co-borrowers
- consumer leases
- fines and infringements
- government related debts
- debtor options, including:
- formal and informal arrangements
- hardship arrangements
- debt agreements
- debt recovery
- bankruptcy
- release of superannuation on compassionate or other grounds
- courts, tribunals and legal processes
- local networks for referral and support, including:
- legal aid
- family law
- welfare rights centres
- community legal centres
- specialist legal centres
- other specialist services
- mental health support services
- AOD support services
- health services
- child and family services
- documentation associated with casework including:
- client case notes
- income and expenses statement/s
- advocacy letters
- action plans
- file closure letters.
Assessment Conditions
Skills must have been demonstrated in the workplace or with simulations and scenarios developed by Financial Counselling Australia capturing the full range of contexts and situations to meet the following conditions:
- use of suitable facilities, equipment and resources, including:
- client information
- organisation 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 (RTOs) 2015/AQTF mandatory competency requirements for assessors.
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53
