Unit of competency Outline

Date retreived
22/07/2026 8:24 PM AWST

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Provide advice, counselling and representation to financial counselling clients

Provide advice, counselling and representation to financial counselling clients

Unit of competency
National Code
CHCFIN007
State Code
OEP81
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
14/12/2022
View on TGA
State Implementation and Classification
Approved Date
03/07/2023
Field of Education
081101 - Banking And Finance
Original Release Date
03/07/2023
Nominal Hours
110
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 and other 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) exemptions from holding a financial services or credit licence.The skills in this unit must be applied in accordance with Commonwealth and State or Territory legislation, Australian Standards and industry codes of practice.No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Assess client’s financial position.
  • 1.1. Assess the validity and status of each debt.
  • 1.2. Assess the client's financial capacity to pay valid debts.
  • 1.3. Assess the impact of any debt recovery processes on the client.
  • 1.4. Work with client to assess highest priority debts or most significant financial stresses.
  • 1.5. Identify complex financial issues that are systemic.
  • 1.6. Discuss identified legal and consumer protection issues to highlight key areas that may require action.
  • 1.7. Assess if the client needs information, advice, referral or representation.
2. Respond to any complex needs.
  • 2.1. Respond to any identified risks.
  • 2.2. Share relevant information with client about any identified risks and their relationships with finances.
  • 2.3. Adjust practice to mitigate personal and financial risks identified.
  • 2.4. Provide relevant referral information and support if required by the client.
3. Counsel and give advice to client.
  • 3.1. Identify and inform client of potential for additional or different income sources or entitlements to improve their financial situation.
  • 3.2. Identify and discuss client’s legal rights and responsibilities in relation to each debt and overall financial situation.
  • 3.3. Apply relevant legislation, regulation, codes and guidelines to client situation.
  • 3.4. Provide advice to the client by assessing the consequences of workable strategies.
  • 3.5. Adjust practice to respond to clients with complex needs.
  • 3.6. Identify the need for additional support services and refer the client with their consent when necessary.
  • 3.7. Write and maintain a case plan which identifies issues to be addressed, including financial issues or capability matters, that sets out the client and financial counsellor roles, strategies and responsibilities.
  • 3.8. Identify and use tools to provide advice to a client about insolvency.
  • 3.9. Develop actions for the client.
4. Use a strengths-based approach.
  • 4.1. Communicate information in a manner that responds to the emotional state of the client.
  • 4.2. Observe boundaries with clients.
  • 4.3. Maintain a transparent and collaborative working relationship with the client based on respect and self-determination.
  • 4.4. Implement self-care processes to manage trauma related to client experience.
5. Act for the client.
  • 5.1. Explain what is involved if the financial counsellor will be acting for the client.
  • 5.2. Work with the client to identify areas where they want to take action.
  • 5.3. Obtain a third-party authority to act for the client using principles of informed consent.
  • 5.4. Collect and use appropriate documentation required to represent the client.
  • 5.5. Identify, use and adapt standard financial counselling sector tools and templates.
  • 5.6. Apply appropriate negotiation tools and techniques with creditors, government agencies and others to agree arrangements on behalf of the client to improve the client's financial position.
  • 5.7. Take action to assist the client to improve their financial position.
No information
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Replaces
State Code National Code Title Type
AWA86 CHCFIN002 Identify and apply technical information to assist clients with financial issues Unit of competency
State Code National Code Title Type
BIP8 CHC51122 Diploma of Financial Counselling Qualification