As many members will know, the Professional Standards Committee (PSC) has been working diligently to establish a new process for managing applications from financial counsellors seeking accreditation as professional supervisors. On 20 August the PSC provided its final recommendations to the Board, and the Board endorsed the recommendations in full. This renewed approach is expected to strengthen the financial counselling sector by enhancing the confidence in the quality of professional supervision provided to financial counsellors.
What are the key components of this new approach?
In summary, the strengthened approach includes:
- Position Description (PD): A comprehensive position description will be used to clearly define the role and set expectations for all potential incumbents.
- Online Application Form: Applicants will complete an online form that includes pre-reading of relevant policies and specifies the required documents to be uploaded.
- Key Selection Criteria: Applicants must respond to the Key Selection Criteria outlined in the PD in a cover letter submitted with their application form.
- Resume Submission: Applicants will provide a current resume to detail their work history and relevant skills.
- Interview Process: Applicants will participate in an interview conducted by one FCVic staff member and one financial counsellor professional supervisor appointed by the PSC.
This new process eliminates the need for external referees, ensuring that applicants have full control over their application and fully consider all aspects of the role before undertaking it. The full report can be reviewed here.
Trial Period
FCVic will conduct a trial period from August 2024 to February 2025, during which PSC members will rotate as interviewers. This trial will allow for refining the process, testing set questions, and assessing model answers. Given that FCVic typically receives 13-15 applications per year for professional supervisor roles, this would average one interview per month, with occasional instances of two interviews.
During the trial, expressions of interest will be sought from financial counsellor professional supervisors who wish to join the interview roster for 2025. This will further develop the skills within the sector and enhance the quality of the professional supervisor program.
Why is this new process important?
FCVic believes this renewed process:
- Increases Professional Standards: By requiring applicants to thoughtfully engage with the entire process and their reasons for becoming a professional supervisor, this approach helps elevate the professional standards within the financial counselling sector.
- Aligns with FCVic’s Mission: It supports the objective of setting and maintaining best practice standards, as outlined in Section 2.2 of the FCVic Constitution, which aims to uphold the highest standards of professionalism in the provision of financial counselling services in Victoria.
What happens next?
The FCVic office has been delegated responsibility for supporting the implementation of the report. The indicative timeline for this implementation is:
- 28 August: Communication to members regarding the review.
- 18 September: Update policies to reflect the review and re-open applications.
- From 30 September: The earliest date that interviews may commence according to the new process.
- 3 March: Nominal expiry of the six-month pilot of the new process.
None of the changes affect the standing of currently accredited professional supervisors, nor do they impact the standing of currently approved professional supervision courses. These changes will only affect the application process for new applicants. Anyone who applied or enquired during the review process will have to apply using the new process.
We are confident that this approach will lead to a more professional and robust financial counselling sector. If you have any questions about this new process, please don’t hesitate to contact Zyl Hovenga-Wauchope, Executive Officer, at [email protected].