Unit of competency Outline
Date retreived
23/07/2026 9:52 AM AWST
23/07/2026 9:52 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.
Identify and apply technical information to assist clients with financial issues
Identify and apply technical information to assist clients with financial issues
Unit of competency
National Code
CHCFIN501A
CHCFIN501A
State Code
D2529
D2529
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
21/07/2014
Field of Education
081101 - Banking And Finance
Original Release Date
21/07/2014
Nominal Hours
45
Description
DescriptorThis unit describes the application of legal and technical information required by financial counsellors as a basis for assisting individuals to make informed decisions relating to present and future financial issues
Notes
Elements and Performance Criteria
1. Review client income sources
- 1.1 Review available information about client income
- 1.2 Identify potential income sources and entitlements for client
- 1.3 Inform client of potential for additional or different income sources or entitlements to improve their financial situation
2. Ensure client is receiving appropriate information regarding living expenses
- 2.1 Review and document client's approach to managing living expenses
- 2.2 Identify client's options and rights for managing living expenses
- 2.3 Provide additional information as required to address gaps in client knowledge re living expenses and available support
3. Ensure client understands their rights in respect to legal and consumer protection
- 3.1 Clarify client's understanding of their rights re legal and consumer protection
- 3.2 Discuss identified legal and consumer protection issues to highlight key areas that may require action
- 3.3 Provide additional information as required to address gaps in client knowledge about their rights in relevant legal and consumer protection areas
4. Identify types of debt presented by client
- 4.1 Review contracts and associated documentation to clarify validity of client debt
- 4.2 Review available information about areas of client debt and seek further information as required to clarify types of debt held for each client
- 4.2 Provide information as required to assist client to understand the implications of different types of debt involved
5. Identify options in regard to debt and debt recovery
- 5.1 Identify impact of debt and debt recovery processes on client's financial situation
- 5.2 Review a range of options relevant to debt and debt recovery and identify potential consequences in relation to client's financial situation
- 5.3 Identify appropriate strategies for debt and debt recovery to address client's particular financial situation
6. Identify appropriate referral and support services
- 6.1 Apply knowledge of referral and support services available to each client
- 6.2 Provide relevant and accurate information to the client about services available to address client needs
RANGE STATEMENT
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Information on clients financial situation and relevant personal details will include:
Income and entitlements
Credit and debt commitments
Assets
Household expenditure
Possible sources of financial assistance
Employment status
Constituents of Household
Any personal issues with direct impact on the financial situation
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Information on clients financial situation and relevant personal details will include:
Income and entitlements
Credit and debt commitments
Assets
Household expenditure
Possible sources of financial assistance
Employment status
Constituents of Household
Any personal issues with direct impact on the financial situation
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the Performance Criteria, Required Skills and Knowledge, the Range Statement and the Assessment Guidelines for this Training Package.
Critical aspects for assessment and evidence required to demonstrate this unit of competency:
The individual being assessed must provide evidence of specified essential knowledge as well as skills
This unit is best assessed in the workplace or in a simulated workplace under the normal of range conditions
Assessment should be gathered on one or more occasions but must reflect the normal range of client situations encountered in the workplace
Access and equity considerations:
All workers in community services should be aware of access, equity and human rights issues in relation to their own area of work
All workers should develop their ability to work in a culturally diverse environment
In recognition of particular issues facing Aboriginal and Torres Strait Islander communities, workers should be aware of cultural, historical and current issues impacting on Aboriginal and Torres Strait Islander people
Assessors and trainers must take into account relevant access and equity issues, in particular relating to factors impacting on Aboriginal and/or Torres Strait Islander clients and communities
Context of and specific resources for assessment:
This unit can be assessed independently, however holistic assessment practice with other community services units of competency is encouraged
Resources required for assessment of this unit include access to:
an appropriate workplace where assessment can take place or simulation of realistic workplace setting for assessment
Method of assessment:
In cases where the learner does not have the opportunity to cover all relevant aspects in the work environment, the remainder should be assessed through realistic simulations, projects, previous relevant experience or oral questioning on 'What if?' scenarios
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on Essential knowledge and skills and consideration of required attitudes
Where performance is not directly observed and/or is required to be demonstrated over a 'period of time' and/or in a 'number of locations', any evidence should be authenticated by colleagues, supervisors, clients or other appropriate persons
Related units:
This unit is part of a suite of units that describe the financial counselling process and are to be assessed concurrently or sequentially:
CHCFIN501A Identify and apply technical information to assist clients with financial issues
CHCFIN502A Facilitate the financial counselling process
CHCFIN503A Develop and use financial counselling tools and techniques
The evidence guide provides advice on assessment and must be read in conjunction with the Performance Criteria, Required Skills and Knowledge, the Range Statement and the Assessment Guidelines for this Training Package.
Critical aspects for assessment and evidence required to demonstrate this unit of competency:
The individual being assessed must provide evidence of specified essential knowledge as well as skills
This unit is best assessed in the workplace or in a simulated workplace under the normal of range conditions
Assessment should be gathered on one or more occasions but must reflect the normal range of client situations encountered in the workplace
Access and equity considerations:
All workers in community services should be aware of access, equity and human rights issues in relation to their own area of work
All workers should develop their ability to work in a culturally diverse environment
In recognition of particular issues facing Aboriginal and Torres Strait Islander communities, workers should be aware of cultural, historical and current issues impacting on Aboriginal and Torres Strait Islander people
Assessors and trainers must take into account relevant access and equity issues, in particular relating to factors impacting on Aboriginal and/or Torres Strait Islander clients and communities
Context of and specific resources for assessment:
This unit can be assessed independently, however holistic assessment practice with other community services units of competency is encouraged
Resources required for assessment of this unit include access to:
an appropriate workplace where assessment can take place or simulation of realistic workplace setting for assessment
Method of assessment:
In cases where the learner does not have the opportunity to cover all relevant aspects in the work environment, the remainder should be assessed through realistic simulations, projects, previous relevant experience or oral questioning on 'What if?' scenarios
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on Essential knowledge and skills and consideration of required attitudes
Where performance is not directly observed and/or is required to be demonstrated over a 'period of time' and/or in a 'number of locations', any evidence should be authenticated by colleagues, supervisors, clients or other appropriate persons
Related units:
This unit is part of a suite of units that describe the financial counselling process and are to be assessed concurrently or sequentially:
CHCFIN501A Identify and apply technical information to assist clients with financial issues
CHCFIN502A Facilitate the financial counselling process
CHCFIN503A Develop and use financial counselling tools and techniques
Replaced By
| 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 |
|---|---|---|---|
| D325 | CHC52108 | Diploma of Community Services (Financial counselling) | Qualification |
| D335 | CHC80308 | Graduate Diploma of Family Dispute Resolution | Qualification |