Elements and Performance Criteria
- Discuss customer's responsibilities in relation to personal financial statements
- Explain specific information contained in a range of financial statements
- A range of terminology used in financial Statements is explained to the customer
- Common items listed on a credit card statement are identified and explained in plain language to the customer
- Common items listed on a superannuation fund statement are identified and explained in plain language to the customer
- Fees and charges applicable to superannuation are identified and explained to the customer
- Contact details for advice on information contained within financial Statements are provided to the customer as necessary
- Identify and explain ways of managing personal financial statements
- The importance and means of checking financial statements for accuracy is explained and demonstrated to the customer
- Ways to estimate and plan for regular payments and the appropriateness of different repayment options for the customer are identified and discussed
- Options available to the consumer in case of inability to pay amounts owed in financial statements are explained to the customer