Professional indemnity Insurance for Supervisors

Written on the 3 June 2020 by SAFCA

SAFCA also recognises that there are a few Financial Counselling Supervisors who act independently of an Agency and offer their services as a Supervisor for a fee.  This practice is accepted by SAFCA, providing the Supervisor meets the criteria to become a SAFCA approved Supervisor (see below). When a Supervisor is acting independently of an Agency, they must ensure that they are covered by their own Professional Indemnity Insurance.  If you or your agency contracts with an external supervisor, we advise you to ensure that the supervisor has Professional Indemnity Insurance.

Supervision applies to:

• Associate members
• Full/accredited members

Requirement for Supervision, if working as a financial counsellor, as a minimum:

• Employed 0.5 FTE or more - 10 hours per membership year; or
• Employed less than 0.5 FTE - 6 hours per membership year.

Requirements to be a Supervisor

To be a financial counselling supervisor a person must hold the Diploma of Financial
Counselling and have:

• Three years FTE financial counselling experience OR
• Another suitable qualification as approved by a State or Territory financial counselling association.

A supervisor must also have completed a suitable course in professional supervision acceptable to their State or Territory association.

In South Australia, SAFCA deems that a Supervisor must attend the SAFCA approved Supervisor course, or a similar course offered by an RTO and specifically related to the Profession Supervision of Financial Counsellors, and thereafter complete SAFCA's Supervision Refresher course at least once every 2 years.

Definition of Supervision

• Professional supervision supports the work of a financial counsellor. The supervision process provides a forum to discuss casework, clinical aspects of the role and the counsellor's emotional and psychological wellbeing.
• Professional supervision is an equal relationship founded on mutual trust and respect.
• Line management supervision is a different process to professional supervision. Line management is undertaken by a person or persons to whom the financial counsellor reports.
• Line management includes oversight of the casework undertaken by the financial counsellor as well as ensuring the financial counsellor meets organisational goals and complies with standards.

(Information taken from the FCA Toolkit: National Standards for Membership and Accreditation)