Elements and Performance Criteria

RANGE STATEMENT
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.
Range of personal financial statements received may include:
bank statements including:
credit card statements
savings account statements
investment statements
loan account statements
finance company statements
payslips
statements from utility providers
superannuation statements.
Different purposes of financial statements may include:
informing consumers of funds debited or credited to their accounts such as payslips showing amounts paid to nominated accounts
informing consumers of interest earned on investments
invoicing consumer for services rendered such as amounts owed on:
utility bills
credit cards
loans
providing consumers with information necessary for consumer to make informed decisions including statements regarding performance of investment funds.
Common items listed on a credit card statement may include:
closing balance
fees and charges for the period including annual account fees
list of any cash advances made during the statement period
list of purchases made during the statement period
minimum amount due and date owed
payments made during the statement period
period of time the statement represents
previous account balance.
Common items listed on a superannuation fund statement may include:
general details including:
confirmation tax file number received
date the member joined the fund
fund name
member name and date of birth
summary of account details including:
benefit details
closing balance
deductions including fees and withdrawals by the member
investment earnings
list of contributions
opening balance
rebates.
Superannuation fees and charges may include:
adviser service fees
annual fees
commissions
deposit fees
early termination fees
fund management fees
member fees
switching fees
trustee levy.
Providing contact details may include:
contact details of the appropriate institution and its regulating body
customer service number of the relevant institution
interpreter services
providing large print services and hearing impaired services.
Checking financial statements for accuracy may include:
checking receipts
comparing meter readings to a utility bill
keeping a record of telephone calls made.
Different repayment options may include:
prepayment of account
methods of how to pay the account, including:
at a post office
B-Pay
by credit card
by mail
by direct debit
in person
regular instalments.

EVIDENCE GUIDE
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:
explain terminology used within a range of personal financial statements received by a range of customers
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.

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 financial services product 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