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Elements and Performance Criteria

1. Discuss customer responsibilities in relation to personal financial statements
   • 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
2. Explain specific information contained in a range of financial statements
   • 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
3. Explain ways of managing personal financial statements
   • 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

Performance Evidence

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.

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Knowledge Evidence

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.

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