New national entity for BFC sector
Introduction
The National Building Financial Capability Charitable Trust (the Trust), commenced operation on 1 July 2017. It is the national entity that supports the Building Financial Capability (BFC) and budgeting sector.
The Trust provides a range of support functions to BFC and budgeting providers and is a sector voice to communicate advice and insights to government and others.
MSD’s contract with the Trust
The Trust has been contracted by MSD for $950,000 per annum to provide eight core activities from 1 July 2017 for five years.
The eight core activities are:
- workforce development, frameworks and training delivery to induct and up-skill financial mentors and boost service and governance standards in the BFC sector
- quality assurance standards and support
- access to shared technology platforms and analysis, and sharing of information and data to enable BFC sector providers to better capture, understand and evidence the value of their interventions
- accords and strategic partnerships to increase cross sector collaboration with the aim of supporting clients of BFC sector providers. Partnerships/accords will include, but are not limited to, government, financial institutions and other third parties
- organisational support for BFC/budgeting services. Including the provision of information (newsletters, website, social media) and common services (e.g. indemnity insurance, helpline and related services)
- Communities of Practice meetings to develop collaboration between local budgeting services, with the aim of promoting continuous improvement throughout the sector
- innovation/research and development to promote efficiency in the sector and ensure service quality is supported by the latest best practice, and
- a shared sector voice including advocacy and engagement with government and media.
