Assessor Resource

CHCFIN003
Develop and use financial counselling tools and techniques

Assessment tool

Version 1.0
Issue Date: April 2024


This unit describes the skills and knowledge required to take a structured approach to the development of written tools and resources that support financial counselling.

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.

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. Clarify client’s financial position

1.1 Review and use client information to inform preparation of a statement of assets and liabilities for the client

1.2 Work with the client to prepare a statement of income and expenditure in line with their immediate and ongoing financial situation

1.3 Identify and clarify for the client the different elements of their financial position

2. Develop and use advocacy and negotiation tools

2.1 Develop written tools for use in advocacy and negotiation according to organisation protocol

2.2 Identify and source existing standardised resources for use in advocacy

2.3 Apply appropriate negotiation tools and techniques to advocate and negotiate on behalf of client

2.4 Undertake telephone and face-to-face negotiations as required to meet and/or improve client’s financial position

2.5 Obtain third party authority to act on behalf of client in appropriate format

2.6 Collect and use appropriate documentation to support the advocacy process

3. Collect and develop resources and provide to clients

3.1 Use standard checklists to develop and review resource materials that contain relevant and current information

3.2 Maintain currency and completeness of available resources

3.3 Prepare resources as a basis for addressing duty of care requirements when undertaking financial counselling with clients

3.4 Provide client with relevant, clear and targeted resource materials to inform and assist the client to improve their financial position

3.5 Undertake research as a basis for preparing an information package on client issues for their later reference

3.6 Ensure written materials are written in a succinct and clear way and are presented logically and sequentially to match third party needs with client objectives

3.7 Ensure all written documentation produced addresses financial counselling sector standards and practices

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

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.

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.

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. Clarify client’s financial position

1.1 Review and use client information to inform preparation of a statement of assets and liabilities for the client

1.2 Work with the client to prepare a statement of income and expenditure in line with their immediate and ongoing financial situation

1.3 Identify and clarify for the client the different elements of their financial position

2. Develop and use advocacy and negotiation tools

2.1 Develop written tools for use in advocacy and negotiation according to organisation protocol

2.2 Identify and source existing standardised resources for use in advocacy

2.3 Apply appropriate negotiation tools and techniques to advocate and negotiate on behalf of client

2.4 Undertake telephone and face-to-face negotiations as required to meet and/or improve client’s financial position

2.5 Obtain third party authority to act on behalf of client in appropriate format

2.6 Collect and use appropriate documentation to support the advocacy process

3. Collect and develop resources and provide to clients

3.1 Use standard checklists to develop and review resource materials that contain relevant and current information

3.2 Maintain currency and completeness of available resources

3.3 Prepare resources as a basis for addressing duty of care requirements when undertaking financial counselling with clients

3.4 Provide client with relevant, clear and targeted resource materials to inform and assist the client to improve their financial position

3.5 Undertake research as a basis for preparing an information package on client issues for their later reference

3.6 Ensure written materials are written in a succinct and clear way and are presented logically and sequentially to match third party needs with client objectives

3.7 Ensure all written documentation produced addresses financial counselling sector standards and practices

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

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.

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.

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
 
Review and use client information to inform preparation of a statement of assets and liabilities for the client 
Work with the client to prepare a statement of income and expenditure in line with their immediate and ongoing financial situation 
Identify and clarify for the client the different elements of their financial position 
Develop written tools for use in advocacy and negotiation according to organisation protocol 
Identify and source existing standardised resources for use in advocacy 
Apply appropriate negotiation tools and techniques to advocate and negotiate on behalf of client 
Undertake telephone and face-to-face negotiations as required to meet and/or improve client’s financial position 
Obtain third party authority to act on behalf of client in appropriate format 
Collect and use appropriate documentation to support the advocacy process 
Use standard checklists to develop and review resource materials that contain relevant and current information 
Maintain currency and completeness of available resources 
Prepare resources as a basis for addressing duty of care requirements when undertaking financial counselling with clients 
Provide client with relevant, clear and targeted resource materials to inform and assist the client to improve their financial position 
Undertake research as a basis for preparing an information package on client issues for their later reference 
Ensure written materials are written in a succinct and clear way and are presented logically and sequentially to match third party needs with client objectives 
Ensure all written documentation produced addresses financial counselling sector standards and practices 
Review and use client information to inform preparation of a statement of assets and liabilities for the client 
Work with the client to prepare a statement of income and expenditure in line with their immediate and ongoing financial situation 
Identify and clarify for the client the different elements of their financial position 

Forms

Assessment Cover Sheet

CHCFIN003 - Develop and use financial counselling tools and techniques
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

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Assessor name:

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Assessment Record Sheet

CHCFIN003 - Develop and use financial counselling tools and techniques

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:

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