Apply professional standards in financial counselling

Unit of competency Outline

Date retreived
22/07/2026 1:53 AM 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.

Unit of competency

National Code
CHCFIN008

State Code
OEO59

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

081199 - Banking, Finance And Related Fields, N.e.c.

Original Release Date

03/07/2023

Nominal Hours

Description

This unit describes the skills and knowledge that financial counsellors require to maintain standards of professional practice in the provision of financial counselling.This unit applies to financial counsellors who work in agencies and organisations 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. Establish context for financial counselling work.

1.1. Apply understanding of national professional supervision requirements.
1.2. Apply understanding of professional development activities required to meet State peak body and organisational requirements.
1.3. Maintain knowledge of current industry information and best practice in financial counselling and use in professional practice.
1.4. Maintain currency and completeness of available resources.
1.5. Interpret and implement the Australian Financial Counselling Code of Ethical Practice and the Agency Practice Standards.
1.6. Identify the role of financial counselling peak bodies.

2. Review client progress.

2.1. Undertake regular reviews of all aspects of the client case plan including contact with and response from creditors.
2.2. Undertake research into issues arising from case work as needed, including legal frameworks, industry policies and complex client needs.
2.3. Write letters for representation and advocacy.
2.4. Use financial counselling sector resources.

3. Maintain accurate client records.

3.1. Review structure and function of a client case file and associated requirements.
3.2. Ensure all written documentation produced is in line with financial counselling sector standards and practices.
3.3. Create case notes for each client and creditor interaction, taking into account professional and legal requirements.
3.4. Use record keeping processes to monitor creditor response times and other key dates, such as limitation periods.
3.5. Maintain confidentiality of records in accordance with professional and legal requirements.
3.6. Prepare and maintain statistical records.
3.7. Maintain and document regular contact with the client to ensure the client remains informed about progress.
3.8. Document potential structural or systemic issues based on client experiences.

4. Close client case file.

4.1. Work with the client to devise an exit strategy.
4.2. Terminate the financial counselling process in line with organisational procedures and professional role requirements.
4.3. Secure client records for storage, archiving and destruction as per organisation and privacy requirements.

No information

Replaces

State Code	National Code	Title	Type
AWA85	CHCFIN003	Develop and use financial counselling tools and techniques	Unit of competency

State Code	National Code	Title	Type
BIP8	CHC51122	Diploma of Financial Counselling	Qualification