Assessor Resource

CHCFIN001
Facilitate the financial counselling process

Assessment tool

Version 1.0
Issue Date: March 2024


This unit describes the skills and knowledge required to assess and respond to the immediate and ongoing needs of clients using a structured strengths-based and client-focused financial counselling process.

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, Australia/New Zealand Standards and industry codes of practice.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements define the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Respond to initial client contact

1.1 Obtain informed consent from client to enter into a financial counselling process

1.2 Identify and address any conflicts of interest and/or other ethical considerations

1.3 Identify appropriateness of financial counselling on the basis of routine client information collected and analysed

1.4 Clarify with client the role of financial counsellor and expectations of the representative agency

1.5 Explain rights and responsibilities of client and counsellor in the financial counselling process

1.6 Clarify client expectations and needs to ensure their issues and motivations are suited to financial counselling

1.7 Make an appropriate referral with client consent if client need is identified as outside scope of own work role

1.8 Explain confidentiality policy of the representative agency

2. Assess client’s financial situation

2.1 Collect information on client’s financial and extended situation including relevant personal issues that may impact on this situation

2.2 Examine and analyse the material with client to identify areas for further investigation

2.3 Seek additional information as required, including the status and validity of contracts

2.4 Highlight important features of the client’s financial position

2.5 Assist client to identify areas where they want to take action

2.6 Identify and discuss client’s legal rights and responsibilities

2.7 Make technically sound and substantiated assessment of client issues

3. Discuss options with the client

3.1 Work with the client to establish a list of concerns

3.2 Proactively identify areas for possible action and prioritise to reflect client’s concerns

3.3 Provide information regarding client responsibilities and rights in relation to individual debts and overall financial situation

3.4 Discuss with client, options and potential consequences

4. Develop action plan in partnership with client

4.1 Work with the client to prioritise areas for action immediately and in the longer term

4.2 Assist client to identify workable strategies to address their financial concerns

4.3 Assist client to develop their own action plan to address their circumstances

4.4 Discuss need for advocacy or negotiation by client and/or financial counsellor

4.5 Write and maintain a client service plan which identifies the assessed issues, the client and financial counsellor strategies and responsibilities

5. Provide and evaluate ongoing support

5.1 Identify areas for ongoing support and opportunities for specialist referral to other agencies or professionals

5.2 Identify range of support services able to be provided by the organisation and others

5.3 Work through with the client, the roles and responsibilities of client and counsellor in the support framework

5.4 Implement processes to evaluate effectiveness of support provided to the client by the financial counsellor

5.5 Revise support services in the light of evaluation feedback

5.6 Terminate the financial counselling process in line with organisation procedures and professional role requirements and provide referrals as agreed with client

6. Maintain client records as required in a financial counselling agency

6.1 Implement processes to keep accurate records of financial counselling sessions in accordance with organisation and privacy requirements

6.2 Record appropriate file notes and retain relevant documentation taking into account professional and legal requirements

6.3 Maintain confidentiality of records in accordance with professional and legal requirements

6.4 Secure client records for storage, archiving and destruction as per organisation and privacy requirements

6.5 Prepare and maintain statistical records in line with organisation requirements

6.6 Enter and maintain electronic databases as required by an organisation

7. Reflect on practice

7.1 Implement professional supervision in accordance with policy and procedures of the professional association and the organisation

7.2 Maintain knowledge of current industry information and best practice in financial counselling and utilise in professional practice

7.3 Undertake professional development activities to meet State, organisation and industry requirements

7.4 Ensure reflective practice is consistent with relevant codes of practice and ethical guidelines

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

used critical thinking and problem solving skills to engage with the client and develop, implement and review options and action plans for at least 5 different clients presenting with multiple and complex needs.

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

continuing professional education

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

ASIC class order 03/1063 and how this applies to the work of financial counsellors and their agencies work role boundaries – responsibilities and limitations

work health and safety

client-centred, strengths-based approaches to financial counselling and other counselling models consistent with these approaches

agency policies and procedures

characteristics of situations when client need is outside of scope of practice including:

specific financial situations requiring specialist counselling

indicators of related and non-related behavioural, emotional, psychological and/or physical and mental health issues

indicators of addictive behaviour

indicators of gambling behaviour

referral networks and resources

types of financial information required to assess a client’s financial situation, including:

statement of financial position

income statements (including Centrelink)

liability and debt statements

complex needs assessment

legal documents and contracts

strategies that may assist clients in managing their finances, and their key features, including:

assessment of the legality of debts

identification of possible legal remedies

development of an income and expenses statement

development of a statement of financial position

development of a documented action plan

strategies for increasing income

strategies for decreasing expenditure

strategies for reducing credit and debt problems.

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.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements define the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Respond to initial client contact

1.1 Obtain informed consent from client to enter into a financial counselling process

1.2 Identify and address any conflicts of interest and/or other ethical considerations

1.3 Identify appropriateness of financial counselling on the basis of routine client information collected and analysed

1.4 Clarify with client the role of financial counsellor and expectations of the representative agency

1.5 Explain rights and responsibilities of client and counsellor in the financial counselling process

1.6 Clarify client expectations and needs to ensure their issues and motivations are suited to financial counselling

1.7 Make an appropriate referral with client consent if client need is identified as outside scope of own work role

1.8 Explain confidentiality policy of the representative agency

2. Assess client’s financial situation

2.1 Collect information on client’s financial and extended situation including relevant personal issues that may impact on this situation

2.2 Examine and analyse the material with client to identify areas for further investigation

2.3 Seek additional information as required, including the status and validity of contracts

2.4 Highlight important features of the client’s financial position

2.5 Assist client to identify areas where they want to take action

2.6 Identify and discuss client’s legal rights and responsibilities

2.7 Make technically sound and substantiated assessment of client issues

3. Discuss options with the client

3.1 Work with the client to establish a list of concerns

3.2 Proactively identify areas for possible action and prioritise to reflect client’s concerns

3.3 Provide information regarding client responsibilities and rights in relation to individual debts and overall financial situation

3.4 Discuss with client, options and potential consequences

4. Develop action plan in partnership with client

4.1 Work with the client to prioritise areas for action immediately and in the longer term

4.2 Assist client to identify workable strategies to address their financial concerns

4.3 Assist client to develop their own action plan to address their circumstances

4.4 Discuss need for advocacy or negotiation by client and/or financial counsellor

4.5 Write and maintain a client service plan which identifies the assessed issues, the client and financial counsellor strategies and responsibilities

5. Provide and evaluate ongoing support

5.1 Identify areas for ongoing support and opportunities for specialist referral to other agencies or professionals

5.2 Identify range of support services able to be provided by the organisation and others

5.3 Work through with the client, the roles and responsibilities of client and counsellor in the support framework

5.4 Implement processes to evaluate effectiveness of support provided to the client by the financial counsellor

5.5 Revise support services in the light of evaluation feedback

5.6 Terminate the financial counselling process in line with organisation procedures and professional role requirements and provide referrals as agreed with client

6. Maintain client records as required in a financial counselling agency

6.1 Implement processes to keep accurate records of financial counselling sessions in accordance with organisation and privacy requirements

6.2 Record appropriate file notes and retain relevant documentation taking into account professional and legal requirements

6.3 Maintain confidentiality of records in accordance with professional and legal requirements

6.4 Secure client records for storage, archiving and destruction as per organisation and privacy requirements

6.5 Prepare and maintain statistical records in line with organisation requirements

6.6 Enter and maintain electronic databases as required by an organisation

7. Reflect on practice

7.1 Implement professional supervision in accordance with policy and procedures of the professional association and the organisation

7.2 Maintain knowledge of current industry information and best practice in financial counselling and utilise in professional practice

7.3 Undertake professional development activities to meet State, organisation and industry requirements

7.4 Ensure reflective practice is consistent with relevant codes of practice and ethical guidelines

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

used critical thinking and problem solving skills to engage with the client and develop, implement and review options and action plans for at least 5 different clients presenting with multiple and complex needs.

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

continuing professional education

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

ASIC class order 03/1063 and how this applies to the work of financial counsellors and their agencies work role boundaries – responsibilities and limitations

work health and safety

client-centred, strengths-based approaches to financial counselling and other counselling models consistent with these approaches

agency policies and procedures

characteristics of situations when client need is outside of scope of practice including:

specific financial situations requiring specialist counselling

indicators of related and non-related behavioural, emotional, psychological and/or physical and mental health issues

indicators of addictive behaviour

indicators of gambling behaviour

referral networks and resources

types of financial information required to assess a client’s financial situation, including:

statement of financial position

income statements (including Centrelink)

liability and debt statements

complex needs assessment

legal documents and contracts

strategies that may assist clients in managing their finances, and their key features, including:

assessment of the legality of debts

identification of possible legal remedies

development of an income and expenses statement

development of a statement of financial position

development of a documented action plan

strategies for increasing income

strategies for decreasing expenditure

strategies for reducing credit and debt problems.

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.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
 
Obtain informed consent from client to enter into a financial counselling process 
Identify and address any conflicts of interest and/or other ethical considerations 
Identify appropriateness of financial counselling on the basis of routine client information collected and analysed 
Clarify with client the role of financial counsellor and expectations of the representative agency 
Explain rights and responsibilities of client and counsellor in the financial counselling process 
Clarify client expectations and needs to ensure their issues and motivations are suited to financial counselling 
Make an appropriate referral with client consent if client need is identified as outside scope of own work role 
Explain confidentiality policy of the representative agency 
Collect information on client’s financial and extended situation including relevant personal issues that may impact on this situation 
Examine and analyse the material with client to identify areas for further investigation 
Seek additional information as required, including the status and validity of contracts 
Highlight important features of the client’s financial position 
Assist client to identify areas where they want to take action 
Identify and discuss client’s legal rights and responsibilities 
Make technically sound and substantiated assessment of client issues 
Work with the client to establish a list of concerns 
Proactively identify areas for possible action and prioritise to reflect client’s concerns 
Provide information regarding client responsibilities and rights in relation to individual debts and overall financial situation 
Discuss with client, options and potential consequences 
Work with the client to prioritise areas for action immediately and in the longer term 
Assist client to identify workable strategies to address their financial concerns 
Assist client to develop their own action plan to address their circumstances 
Discuss need for advocacy or negotiation by client and/or financial counsellor 
Write and maintain a client service plan which identifies the assessed issues, the client and financial counsellor strategies and responsibilities 
Identify areas for ongoing support and opportunities for specialist referral to other agencies or professionals 
Identify range of support services able to be provided by the organisation and others 
Work through with the client, the roles and responsibilities of client and counsellor in the support framework 
Implement processes to evaluate effectiveness of support provided to the client by the financial counsellor 
Revise support services in the light of evaluation feedback 
Terminate the financial counselling process in line with organisation procedures and professional role requirements and provide referrals as agreed with client 
Implement processes to keep accurate records of financial counselling sessions in accordance with organisation and privacy requirements 
Record appropriate file notes and retain relevant documentation taking into account professional and legal requirements 
Maintain confidentiality of records in accordance with professional and legal requirements 
Secure client records for storage, archiving and destruction as per organisation and privacy requirements 
Prepare and maintain statistical records in line with organisation requirements 
Enter and maintain electronic databases as required by an organisation 
Implement professional supervision in accordance with policy and procedures of the professional association and the organisation 
Maintain knowledge of current industry information and best practice in financial counselling and utilise in professional practice 
Undertake professional development activities to meet State, organisation and industry requirements 
Ensure reflective practice is consistent with relevant codes of practice and ethical guidelines 
Collect information on client’s financial and extended situation including relevant personal issues that may impact on this situation 
Examine and analyse the material with client to identify areas for further investigation 
Seek additional information as required, including the status and validity of contracts 
Highlight important features of the client’s financial position 
Assist client to identify areas where they want to take action 
Identify and discuss client’s legal rights and responsibilities 
Make technically sound and substantiated assessment of client issues 

Forms

Assessment Cover Sheet

CHCFIN001 - Facilitate the financial counselling process
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

CHCFIN001 - Facilitate the financial counselling process

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: