FNSFLT514 — Facilitate customer knowledge of personal financial statements

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What an assessment for FNSFLT514 must cover

28 assessable components: 3 elements (9 performance criteria), 1 performance evidence and 11 knowledge evidence requirements, plus 7 foundation skills. An audit-defensible tool maps every question and task back to these — that mapping is the coverage matrix Auditori generates alongside the assessment.

Elements & performance criteria

1 Discuss customer responsibilities in relation to personal financial statements

1.1Identify range and frequency of personal financial statements received by customer
1.2Discuss with customer purposes of financial statements and benefits of retaining financial statements

2 Discuss with customer information contained in financial statements

2.1Explain to customer terminology used in financial statements as required
2.2Identify and explain to customer common items listed on credit card and superannuation fund statements
2.3Identify and explain to customer fees and charges applicable to superannuation and credit cards
2.4Provide contact details to customer for financial advice on information contained in financial statements as required and according to organisational policies and procedures and regulatory requirements

3 Discuss with customer ways of managing personal financial statements

3.1Explain and demonstrate to customer importance of and methods for checking accuracy of financial statements
3.2Identify and discuss with customer methods to estimate and plan for payments, and repayment options
3.3Explain to customer options available to consumers in case of inability to pay amounts owed in financial statements

Performance evidence

facilitate customer knowledge of personal financial statements for at least three customers.

Knowledge evidence

common personal financial statements received by consumers and their key features, including: purpose, terminology used, layout, fees and charges
key benefits of retaining financial statements, including for tax and other purposes
key methods for calculating and checking the accuracy of financial statements
key consumer issues relating to superannuation information and credit cards
organisational policies and procedures and regulatory requirements and restrictions applicable to the provision of financial advice
key methods of estimating and planning for payments
key repayment options available to customers
key options available to consumers in case of inability to pay amounts owed in financial statements
key requirements of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery
roles and relationships between key participants in the Australian financial services industry, including banks and other financial intermediaries
techniques to counsel and educate people in financial literacy matters.

Foundation skills

Numeracy: Performs mathematical calculations and reviews numerical and financial information to determine options for customers
Oral communication: Uses questioning and active listening in verbal exchanges to elicit and clarify information Uses vocabulary, tone, pace and concepts suitable for customers
Planning and organising: Plans and schedules tasks and organises workload according to defined requirements
Reading: Consolidates information from a range of sources to determine customer requirements and analyses information for relevance, currency and accuracy
Writing: Prepares documents for customers using clear, concise and unambiguous language
Self-management: Uses systematic, analytical processes in routine and non-routine situations, gathering and interpreting information and identifying potential approaches to explaining financial information 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
Technology: Uses digital systems and tools to conduct research, design work processes, complete work tasks and explain concepts

Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.

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Questions about assessing FNSFLT514

What does an assessment tool for FNSFLT514 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSFLT514 needs to address all 28 unit components: 3 elements with 9 performance criteria, 1 performance evidence requirements, 11 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSFLT514?

Auditori pulls the current release of FNSFLT514 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSFLT514 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSFLT514 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSFLT514, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.

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