Unit of competency Outline
Date retreived
22/07/2026 8:07 PM AWST
22/07/2026 8:07 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Identify and apply technical information to assist clients with financial issues
Identify and apply technical information to assist clients with financial issues
Unit of competency
National Code
CHCFIN002
CHCFIN002
State Code
AWA86
AWA86
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
04/05/2016
Field of Education
081101 - Banking And Finance
Original Release Date
04/05/2016
Nominal Hours
55
Description
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.
Notes
Elements and Performance Criteria
1. Review client income sources
- 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
2. Ensure client is receiving appropriate information regarding living expenses
- 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
3. Facilitate client understanding of consumer protections and their legal rights
- 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
4. Evaluate types of debt presented by client
- 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
5. Identify options in regard to debt and debt recovery
- 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
6. Identify appropriate referral and support services
- 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
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D2529 | CHCFIN501A | Identify and apply technical information to assist clients with financial issues | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OEP81 | CHCFIN007 | Provide advice, counselling and representation to financial counselling clients | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AYZ5 | CHC51115 | Diploma of Financial Counselling | Qualification |