Assessor Resource

FNSFLT504
Facilitate customer knowledge of personal financial statements

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to educate customers in understanding and interpreting information contained in personal financial statements, including bank and credit card statements, utility bills and statements from superannuation funds.

It applies to individuals who use specialised knowledge and interpersonal skills to counsel and educate others in financial literacy matters.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Discuss customer responsibilities in relation to personal financial statements

1.1 Identify range and frequency of personal financial statements received by customers

1.2 Discuss different purposes of financial statements and need to retain certain financial statements for tax or other purposes with customers

2. Explain specific information contained in a range of financial statements

2.1 Explain range of terminology used in financial statements to customers

2.2 Identify and explain common items listed on credit card statement in plain language to customers

2.3 Identify and explain common items listed on superannuation fund statement in plain language to customers

2.4 Identify and explain fees and charges applicable to superannuation to customers

2.5 Provide contact details for advice on information contained in financial statements to customers as necessary

3. Explain ways of managing personal financial statements

3.1 Explain and demonstrate importance and means of checking financial statements for accuracy to customers

3.2 Identify and discuss ways to estimate and plan for regular payments and appropriateness of different repayment options for customers

3.3 Explain options available to consumers in case of inability to pay amounts owed in financial statements to customers

Evidence of the ability to:

use high level communication skills in providing relevant information to customers in need of assistance in understanding personal financial statements

identify and present to customers effective methods of managing personal financial statements, including the importance of verifying accuracy of information received.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify and describe personal financial statements received by consumers, including their purpose, terminology used and layout of statements

describe methods for checking the accuracy of financial statements

identify and explain the key consumer issues relating to superannuation information, including interpreting statements and fees and charges

describe different repayment options available to customers

describe key requirements of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery

identify and explain roles and relationships between participants in the Australian financial services industry, including banks and other financial intermediaries.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to:

office equipment, technology, software and consumables

financial services product information.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Discuss customer responsibilities in relation to personal financial statements

1.1 Identify range and frequency of personal financial statements received by customers

1.2 Discuss different purposes of financial statements and need to retain certain financial statements for tax or other purposes with customers

2. Explain specific information contained in a range of financial statements

2.1 Explain range of terminology used in financial statements to customers

2.2 Identify and explain common items listed on credit card statement in plain language to customers

2.3 Identify and explain common items listed on superannuation fund statement in plain language to customers

2.4 Identify and explain fees and charges applicable to superannuation to customers

2.5 Provide contact details for advice on information contained in financial statements to customers as necessary

3. Explain ways of managing personal financial statements

3.1 Explain and demonstrate importance and means of checking financial statements for accuracy to customers

3.2 Identify and discuss ways to estimate and plan for regular payments and appropriateness of different repayment options for customers

3.3 Explain options available to consumers in case of inability to pay amounts owed in financial statements to customers

Evidence of the ability to:

use high level communication skills in providing relevant information to customers in need of assistance in understanding personal financial statements

identify and present to customers effective methods of managing personal financial statements, including the importance of verifying accuracy of information received.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify and describe personal financial statements received by consumers, including their purpose, terminology used and layout of statements

describe methods for checking the accuracy of financial statements

identify and explain the key consumer issues relating to superannuation information, including interpreting statements and fees and charges

describe different repayment options available to customers

describe key requirements of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery

identify and explain roles and relationships between participants in the Australian financial services industry, including banks and other financial intermediaries.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to:

office equipment, technology, software and consumables

financial services product information.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify range and frequency of personal financial statements received by customers 
Discuss different purposes of financial statements and need to retain certain financial statements for tax or other purposes with customers 
Explain range of terminology used in financial statements to customers 
Identify and explain common items listed on credit card statement in plain language to customers 
Identify and explain common items listed on superannuation fund statement in plain language to customers 
Identify and explain fees and charges applicable to superannuation to customers 
Provide contact details for advice on information contained in financial statements to customers as necessary 
Explain and demonstrate importance and means of checking financial statements for accuracy to customers 
Identify and discuss ways to estimate and plan for regular payments and appropriateness of different repayment options for customers 
Explain options available to consumers in case of inability to pay amounts owed in financial statements to customers 

Forms

Assessment Cover Sheet

FNSFLT504 - Facilitate customer knowledge of personal financial statements
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFLT504 - Facilitate customer knowledge of personal financial statements

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: