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:
Requirement for Supervision, if working as a financial counsellor, as a minimum:
Requirements to be a Supervisor
To be a financial counselling supervisor a person must hold the Diploma of Financial
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
(Information taken from the FCA Toolkit: National Standards for Membership and Accreditation)