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Evidence Guide: FNSFLT502 - Facilitate customer awareness of the Australian financial system and markets

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFLT502 - Facilitate customer awareness of the Australian financial system and markets

What evidence can you provide to prove your understanding of each of the following citeria?

Explain to customers the function and role of Reserve Bank of Australia (RBA)

  1. Communicate role of Reserve Bank of Australia (RBA) as Australia’s central bank and differences between RBA and other banking institutions to customers
  2. Explain importance and effect of RBA’s monetary policy on the Australian economy and consumers’ personal finances to customers in plain language
  3. Explain role of bank in maintaining financial stability and regulating the Australian Payments System to customers
Communicate role of Reserve Bank of Australia (RBA) as Australia’s central bank and differences between RBA and other banking institutions to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain importance and effect of RBA’s monetary policy on the Australian economy and consumers’ personal finances to customers in plain language

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain role of bank in maintaining financial stability and regulating the Australian Payments System to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

2. Outline role of money and Australia's monetary base

  1. Identify and discuss society’s motivations for holding money and various functions of money with customers
  2. Explain impact of changes in supply of money to customers in plain language
Identify and discuss society’s motivations for holding money and various functions of money with customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain impact of changes in supply of money to customers in plain language

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outline main features of the Australian financial markets

  1. Identify and communicate purpose of financial markets and major markets in the Australian financial system to customers
  2. Discuss role of banks and financial institutions as financial intermediaries with customers
  3. Outline, in basic language, the role and function of short-term money market and types of products it deals in for customers
Identify and communicate purpose of financial markets and major markets in the Australian financial system to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss role of banks and financial institutions as financial intermediaries with customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outline, in basic language, the role and function of short-term money market and types of products it deals in for customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information to customers about regulation of financial system

  1. Identify role of independent regulation in the financial system and main regulators of financial system, and discuss their roles with customers
  2. Provide examples of protection afforded individuals by regulators to customers
Identify role of independent regulation in the financial system and main regulators of financial system, and discuss their roles with customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide examples of protection afforded individuals by regulators to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outline role of money and Australia's monetary base

  1. Identify and discuss society’s motivations for holding money and various functions of money with customers
  2. Explain impact of changes in supply of money to customers in plain language
Identify and discuss society’s motivations for holding money and various functions of money with customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain impact of changes in supply of money to customers in plain language

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Explain to customers the function and role of Reserve Bank of Australia (RBA)

1.1 Communicate role of Reserve Bank of Australia (RBA) as Australia’s central bank and differences between RBA and other banking institutions to customers

1.2 Explain importance and effect of RBA’s monetary policy on the Australian economy and consumers’ personal finances to customers in plain language

1.3 Explain role of bank in maintaining financial stability and regulating the Australian Payments System to customers

2. Outline role of money and Australia's monetary base

2.1 Identify and discuss society’s motivations for holding money and various functions of money with customers

2.2 Explain impact of changes in supply of money to customers in plain language

3. Outline main features of the Australian financial markets

3.1 Identify and communicate purpose of financial markets and major markets in the Australian financial system to customers

3.2 Discuss role of banks and financial institutions as financial intermediaries with customers

3.3 Outline, in basic language, the role and function of short-term money market and types of products it deals in for customers

4. Provide information to customers about regulation of financial system

4.1 Identify role of independent regulation in the financial system and main regulators of financial system, and discuss their roles with customers

4.2 Provide examples of protection afforded individuals by regulators to customers

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Explain to customers the function and role of Reserve Bank of Australia (RBA)

1.1 Communicate role of Reserve Bank of Australia (RBA) as Australia’s central bank and differences between RBA and other banking institutions to customers

1.2 Explain importance and effect of RBA’s monetary policy on the Australian economy and consumers’ personal finances to customers in plain language

1.3 Explain role of bank in maintaining financial stability and regulating the Australian Payments System to customers

2. Outline role of money and Australia's monetary base

2.1 Identify and discuss society’s motivations for holding money and various functions of money with customers

2.2 Explain impact of changes in supply of money to customers in plain language

3. Outline main features of the Australian financial markets

3.1 Identify and communicate purpose of financial markets and major markets in the Australian financial system to customers

3.2 Discuss role of banks and financial institutions as financial intermediaries with customers

3.3 Outline, in basic language, the role and function of short-term money market and types of products it deals in for customers

4. Provide information to customers about regulation of financial system

4.1 Identify role of independent regulation in the financial system and main regulators of financial system, and discuss their roles with customers

4.2 Provide examples of protection afforded individuals by regulators to customers

Evidence of the ability to:

explain clearly to customers the features and roles of the participants in the Australian financial system and markets

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

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 the functions of money and motivations for holding money

list instruments traded on the short-term money market

identify and explain the key features of the Australian financial system and markets, and state of the economic environment

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

identify and explain the roles and relationships between participants in the Australian financial services industry, including:

the Reserve Bank of Australia

banks and other financial intermediaries

key regulators.