Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFLT502A Mapping and Delivery Guide
Facilitate customer awareness of the Australian financial system and markets

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSFLT502A - Facilitate customer awareness of the Australian financial system and markets
Description This unit describes the performance outcomes, skills and knowledge required to develop customer awareness of how the monetary and financial systems and markets operate in Australia, with the aim of enhancing basic consumer financial literacy.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit may be applied within the context of a financial counselling role or within educational programs facilitated by financial counsellors or financial institutions within the context of improving consumer financial literacy.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Explain to customers the function and role of the Reserve Bank of Australia (RBA)
  • The role of the RBA as Australia's central bank is and differences between the RBA and other banking institutions is communicated to the customer
  • The importance and effect of the RBA's monetary policy on the Australian economy and consumer's personal finances is explained to the customer in plain language
  • The role of the bank in maintaining financial stability and regulating the Australian Payments System is explained to the customer
       
Element: Outline the role of money and Australia's monetary base
  • Society's motivations for holding money and the various functions of money are identified and discussed with the customer
  • The impact of changes in the supply of money is explained to the customer in plain language
       
Element: Outline the main features of the Australian financial markets
  • The purpose of financial markets and the major markets within the Australian financial markets are identified and communicated to the customer
  • The role of banks and financial institutions as financial intermediaries is discussed with customer
  • The role and function of the short term money market and types of products it deals in, are outlined in basic language for the customer
       
Element: Provide information to the customer about regulation of the financial system
  • The role of independent regulation in the financial system and the main regulators of the financial system are identified and their roles discussed with the customer
  • Examples of the protection afforded individuals by the regulators are provided to the customer
       


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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

develop customer awareness of the features and roles of the participants within the Australian financial system and markets

translate complex information into plain language that may be understood by a variety of people with minimal financial market knowledge.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to Australian financial systemand markets information.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

Required skills

communication skills to:

clearly explain the Australian financial system and markets tocustomers and customers, using questioning and active listening as required and respondingwith empathy in sensitive cases

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills touse internet information

literacy skills for:

analysing information to ensure appropriateness to customer or customer needs, currency and accuracy

drafting documents for customers and customers

problem solving skills to identify any issues that have the potential to impact on the customer's understanding and develop options

organisational skills, including the ability to plan and sequence work

Required knowledge

the Australian financial system and markets and State of the economic environment

relevant industry codes of practice including:

Consumer Credit Code

Privacy Act

Credit Act

relevant State and Territory legislation regarding consumer credit issues and Judgement Debt Recovery Acts

roles and relationships between participants within the Australian financial services industry, including banks and other financial intermediaries

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

The role of the RBA includes:

banker to the Commonwealth government, banks and other financial institutions

managing government debt

regulating the payments system

setting and implementing monetary policy.

The effect of the RBA's monetary policy may include:

changes in interest rates

flow on changes to employment, prices and production levels

increases or decreases in the supply of money in the Australian economy.

Maintaining financial stability refers to:

acting to avoid or minimise a systemic collapse of financial institutions.

The role of the RBA in regulating the Australian Payments System may include:

fulfilling its regulatory responsibilities by controlling risks and promoting efficiencies

participating in the financial system as banker to the Commonwealth government

providing facilities for final settlement of transactions.

Motivations for holding money may include:

precautionary demand for money to pay future expenses which may not be anticipated

speculative demand for money to be able to take advantage of future price changes in favour of the purchaser

transactions demand for money to pay every day predictable expenses.

The functions of money may include:

as a means of exchange for acquiring goods and services

indications of relative values between goods and services

measure of liquidity.

Thepurpose of financial markets includes:

enabling participants to invest surplus funds by buying securities

enabling participants to raise required funds by issuing securities.

The major markets within the Australian financial system include:

bond market

derivatives markets

equity or share market as traded on the Australian Securities Exchange (ASX)

financial futures market

foreign exchange market

money market

options market.

Instruments traded on the short term money market include:

bills of exchange

commercial bills

government bills

promissory notes

treasury notes.

Main regulators in the financial system may include:

Australian Prudential Regulation Authority (APRA)

Australian Securities and Investments Commission (ASIC).

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
The role of the RBA as Australia's central bank is and differences between the RBA and other banking institutions is communicated to the customer 
The importance and effect of the RBA's monetary policy on the Australian economy and consumer's personal finances is explained to the customer in plain language 
The role of the bank in maintaining financial stability and regulating the Australian Payments System is explained to the customer 
Society's motivations for holding money and the various functions of money are identified and discussed with the customer 
The impact of changes in the supply of money is explained to the customer in plain language 
The purpose of financial markets and the major markets within the Australian financial markets are identified and communicated to the customer 
The role of banks and financial institutions as financial intermediaries is discussed with customer 
The role and function of the short term money market and types of products it deals in, are outlined in basic language for the customer 
The role of independent regulation in the financial system and the main regulators of the financial system are identified and their roles discussed with the customer 
Examples of the protection afforded individuals by the regulators are provided to the customer 

Forms

Assessment Cover Sheet

FNSFLT502A - Facilitate customer awareness of the Australian financial system and markets
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

FNSFLT502A - Facilitate customer awareness of the Australian financial system and markets

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: