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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

  1. Elements define the essential outcomes
  2. Review client income sources
  3. Ensure client is receiving appropriate information regarding living expenses
  4. Facilitate client understanding of consumer protections and their legal rights
  5. Evaluate types of debt presented by client
  6. Identify options in regard to debt and debt recovery
  7. Identify appropriate referral and support services

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

used critical thinking and problem-solving to analyse financial information for at least 5 different clients with varied financial situations and developed technical solutions and options relating to:

correct income sources and entitlements

living expenses and associated support

legal and consumer protection rights

debt and debt recovery processes and options

additional advocacy options.


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 financial counselling, and how these are applied in organisations and individual practice:

codes of conduct/practice

conflict of interest

duty of care

human rights

informed consent

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

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

work health and safety

organisation policies and procedures relating to the provision of information

income sources, entitlements and associated issues relating to:

Centrelink

taxation

child support

superannuation insurances

income protection insurance

small business

work choices

wages

welfare rights

compensation (WorkCover, TAC, injury and accident) insurance

family trusts

other income sources

expenditure support relating to:

utilities

housing

cost of living

emergency relief and other assistance

consumer issues covered by legislation, regulations and instruments, relating to:

National Consumer Credit Protection Act 2009

National Credit Code

social security law

taxation law

fair trading acts

internal and external dispute resolution mechanisms (IDR and EDR) insurance

consumer credit insurance

fringe lending

bankruptcy and debt agreements

types of debt and their features, including:

secured and unsecured credit

joint/relationship debts

guarantors and co-borrowers

consumer leases

fines and infringements

government related debts

debtor options, including:

formal and informal arrangements

hardship arrangements

debt agreements

debt recovery

bankruptcy

release of superannuation on compassionate or other grounds

courts, tribunals and legal processes

local networks for referral and support, including:

legal aid

family law

welfare rights centres

community legal centres

specialist legal centres

other specialist services

mental health support services

AOD support services

health services

child and family services

documentation associated with casework including:

client case notes

income and expenses statement/s

advocacy letters

action plans

file closure letters.