Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

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

Skill 

Performance Criteria 

Description 

Reading

2.1, 3.1, 4.1

• Analyses information from a range of sources to identify key information appropriate for customer needs

Writing

1.1-1.3, 2.1-2.2, 3.1-3.3, 4.1, 4.2

• Prepares and logically structures written information to clearly and effectively convey information for customers
• Uses clear language, terminology and concepts appropriate for the purpose and customer understanding

Oral Communication

1.1-1.3, 2.1-2.2, 3.1-3.3, 4.1, 4.2

• Participates in verbal exchanges using active listening and questioning
• Clearly explains and shares information using language, tone and pace appropriate to audience and purpose

Interact with others

1.1-1.3, 2.1-2.2, 3.1-3.3, 4.1, 4.2

• Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others
• Implements strategies for a diverse range of customers to build rapport and trust

Get the work done

1.1-1.3, 2.1, 2.2, 3.1-3.3, 4.1, 4.2

• Plans and sequences tasks and organises work according to defined requirements
• Uses systematic, analytical processes in routine and non-routine situations, gathering information, interpreting information and identifying and evaluating potential strategies
• Uses digital systems and tools to conduct research, design work processes and complete work tasks

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFLT502 Facilitate customer awareness of the Australian financial system and markets

FNSFLT502A Facilitate customer awareness of the Australian financial system and markets

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.