Unit of competency

Modification History

Application

This unit describes the skills and knowledge required to adapt practice to a rural context, targeting the specific needs of rurally based clients using a structured strengths-based and client-focused financial counselling process.

This unit applies to financial counsellors. In order to qualify for the Australian Securities and Investments Commission (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, or the national financial counselling body.

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

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

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:

• worked according to the values and philosophies of rural financial counselling, using critical thinking and problem-solving skills to respond to the financial counselling needs of at least 5 different rural clients, including:

• working in accordance with the class order applicable for rural financial counselling services (class order 11/926)
• engaging in mediation with financial institutions using state/territory farm debt mediation Acts and other relevant legislation
• reading and interpreting enterprise profit and loss statements.

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:

• children in the workplace
• codes of conduct/practice
• conflict of interest
• court systems and the key feature of their operation
• discrimination
• duty of care
• human rights
• informed consent
• mandatory reporting
• 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 that applies to rural financial counselling work, including:

• Financial Services Reform Act 2003
• state/territory farm debt mediation Acts
• state rural adjustment Acts

• work health and safety

• current context issues that impact rural financial counselling work, including:

• primary industries and their role
• farms as business enterprises and commonly used farm business structures
• political context
• economic context
• social issues
• technology issues
• eligible rural enterprises

• models of work in the rural sector, including:

• options for development and decision support
• farm debt mediation
• farm visits
• case management
• working with families
• referral
• early intervention/prevention
• community development and education
• risk identification

• stakeholders commonly involved in rural financial counselling work, including:

• financial services
• community service
• industry bodies
• government institutions and regulators
• personal networks

• principles of farm enterprise business and succession planning
• principles and techniques for cash flow budgeting
• how to interpret profit and loss statements
• banking and finance industries and regulatory frameworks including hardship provisions for primary producers
• Centrelink support mechanisms
• referral networks and resources
• principles of client empowerment/disempowerment
• principles of access and equity
• signs of health/mental health issues, including common indicators of suicide risk
• factors for consideration when working with people from culturally and linguistically diverse backgrounds, including Indigenous Australian culture
• impact of work practices that are unsatisfactory or illegal, including:

• using workers without visa
• paying appropriate wages

• rural family culture and dynamics.

Assessment Conditions

Skills must have been demonstrated in the workplace with the addition of simulations and scenarios where the full range of contexts and situations have not been provided in the workplace. The following conditions must be met for this unit:

• 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