Unit of competency Outline

Date retreived
23/07/2026 12:46 AM AWST

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Facilitate customer awareness of the Australian financial system and markets

Facilitate customer awareness of the Australian financial system and markets

Unit of competency
National Code
FNSFLT502
State Code
AUQ90
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the 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.It applies to individuals who use specialised knowledge to build relationships and provide financial counselling to contribute to the development of financial literacy in others.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D4116 FNSFLT502A Facilitate customer awareness of the Australian financial system and markets Unit of competency
Replaced By
State Code National Code Title Type
OCZ33 FNSFLT512 Facilitate customer awareness of the Australian financial system and markets Unit of competency