Assessment Requirements for CHCFIN003 Develop and use financial counselling tools and techniques

Release: 2

Assessment Requirements for CHCFIN003 Develop and use financial counselling tools and techniques

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 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 CHCFIN503A

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.

developed financial resources for at least 5 different clients including:

statement of financial position

documented case/action plan

researched and developed all of the following financial resources:

income and expenditure statements

assets and liabilities statements

advocacy resources

advocated for clients via each of the following mediums:

telephone

in writing:

letters, and

complaints to Internal Dispute Resolution (IDR)/External Dispute Resolution (EDR)

face-to-face.

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 resource development, and how these are applied in organisations and individual practice:

duty of care

informed consent

policy frameworks:

social

economic

government programs

practice standards

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

agency policies and procedures for resource development

hardship systems and framework for resource development:

tools to access grants for energy relief

complaints to dispute resolution schemes

use of codes of practice in advocacy

use of Credit Law tools in advocacy letters

use of Australian Consumer Law (ACL) in advocacy letters

standard legal letters developed by financial counselling sector

models for preparing financial statements and budgets:

use of Financial Counselling Australia/Australian Bankers Association (ABA) agreed statement of financial position

use of Money Smart resources (ASIC)

use of MoneyHelp resources for each state/territory, phone 1800 007 007

types of advocacy resources developed in a financial counselling context

resource development, including:

how to adapt resources for client use

sourcing and developing appropriate tools to inform clients

use of programs for consumer education

financial statements, including:

use of appropriate format agreed to by Financial Counselling Australia (FCA)

appropriate advocacy letters including summarised financial information

support networks and sources of local information for clients to assist them to access additional services without direct referral.

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