Assessor Resource

FNSPRT504
Apply knowledge of the regulatory environment relevant to trustee organisations

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to research and analyse the regulatory requirements applicable to trustee organisations and to apply this knowledge in the provision of products and services to clients.

It applies to individuals employed by trustee organisations that are subject to licensing and other legislative requirements, administered by the Australian Securities and Investments Commission (ASIC) and state and territory Supreme Courts.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume, the Corporations Act (Commonwealth) and relevant state and territory legislation.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify regulatory requirements

1.1 Research legislation that applies to a trustee organisation

1.2 Identify the regulators and ombudsman that regulate trustee organisations and their employees

1.3 Research and identify industry standards and guidelines relevant to a trustee organisation and the provision of its products and services

2. Analyse regulatory issues and risks for a trustee organisation

2.1 Identify and evaluate the regulatory and broader risks for a trustee organisation

2.2 Apply risk mitigation strategies to assist in compliance with regulatory requirements

3. Apply knowledge of regulatory requirements

3.1 Research and apply relevant trustee organisation policies and procedures to day-to-day work

3.2 Provide trustee organisation's products and services to clients according to regulatory and organisational requirements

3.3 Incorporate regulatory and organisational requirements into relevant documentation and work practices

3.4 Seek specialist advice and guidance where required to interpret, analyse and apply regulatory requirements

4. Maintain knowledge of regulatory requirements

4.1 Access and use systems for maintaining up-to-date information about relevant regulatory requirements

4.2 Review trustee organisation's practices and procedures against current regulatory requirements and update as necessary

Evidence of the ability to:

research current legislation and regulatory requirements in relation to the operations of a trustee organisation and its products, services and employees

provide products and services according to relevant regulatory and organisational requirements

develop and apply mitigation strategies to reduce any probable or potential chance of non-compliance

use systems and information sources to access and maintain current knowledge of regulatory requirements.

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:

describe traditional trustee organisation products and services including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering ppowers of aattorney

acting as guardian or financial manager, usually under court or ttribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

outline the differences in products and services offered by public and private trustee organisations including:

trustee or administrator for small super funds

providing tax advice and preparing tax returns

financial planning

funds management

corporate activities such as registry operations,custodial services ,trustee for debenture and convertible note issues,securitisation facilities ,compliance monitoring,trustee or administrator for retail super funds

explain relevant elements and any associated penalties for breach of the key regulatory requirements when operating a trustee organisation providing products and services including:

licensing regime

role of Australian Securities and Investments Commission (ASIC) including relevant regulatory guides and class orders

disclosure of capacity

fee transparency

financial services guides (FSG)

dispute resolution process

competency of representatives

fidelity duty of officers and employees

fee caps

financial management and risk management

describe the role of internal and external specialists relating to the application of regulatory requirements relevant to the trustee organisation

outline key sources of information on regulatory requirements including:

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

courts

existing or proposed trust deeds

fund managers

industry bodies

relevant federal, state and territory organisations

organisational policy and procedure manuals.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal trustee field of work and include access to:

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to operating a trustee organisation and providing products and services

organisational reference materials such as policies, procedures, manuals and checklists.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify regulatory requirements

1.1 Research legislation that applies to a trustee organisation

1.2 Identify the regulators and ombudsman that regulate trustee organisations and their employees

1.3 Research and identify industry standards and guidelines relevant to a trustee organisation and the provision of its products and services

2. Analyse regulatory issues and risks for a trustee organisation

2.1 Identify and evaluate the regulatory and broader risks for a trustee organisation

2.2 Apply risk mitigation strategies to assist in compliance with regulatory requirements

3. Apply knowledge of regulatory requirements

3.1 Research and apply relevant trustee organisation policies and procedures to day-to-day work

3.2 Provide trustee organisation's products and services to clients according to regulatory and organisational requirements

3.3 Incorporate regulatory and organisational requirements into relevant documentation and work practices

3.4 Seek specialist advice and guidance where required to interpret, analyse and apply regulatory requirements

4. Maintain knowledge of regulatory requirements

4.1 Access and use systems for maintaining up-to-date information about relevant regulatory requirements

4.2 Review trustee organisation's practices and procedures against current regulatory requirements and update as necessary

Evidence of the ability to:

research current legislation and regulatory requirements in relation to the operations of a trustee organisation and its products, services and employees

provide products and services according to relevant regulatory and organisational requirements

develop and apply mitigation strategies to reduce any probable or potential chance of non-compliance

use systems and information sources to access and maintain current knowledge of regulatory requirements.

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:

describe traditional trustee organisation products and services including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering ppowers of aattorney

acting as guardian or financial manager, usually under court or ttribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

outline the differences in products and services offered by public and private trustee organisations including:

trustee or administrator for small super funds

providing tax advice and preparing tax returns

financial planning

funds management

corporate activities such as registry operations,custodial services ,trustee for debenture and convertible note issues,securitisation facilities ,compliance monitoring,trustee or administrator for retail super funds

explain relevant elements and any associated penalties for breach of the key regulatory requirements when operating a trustee organisation providing products and services including:

licensing regime

role of Australian Securities and Investments Commission (ASIC) including relevant regulatory guides and class orders

disclosure of capacity

fee transparency

financial services guides (FSG)

dispute resolution process

competency of representatives

fidelity duty of officers and employees

fee caps

financial management and risk management

describe the role of internal and external specialists relating to the application of regulatory requirements relevant to the trustee organisation

outline key sources of information on regulatory requirements including:

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

courts

existing or proposed trust deeds

fund managers

industry bodies

relevant federal, state and territory organisations

organisational policy and procedure manuals.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal trustee field of work and include access to:

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to operating a trustee organisation and providing products and services

organisational reference materials such as policies, procedures, manuals and checklists.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Research legislation that applies to a trustee organisation 
Identify the regulators and ombudsman that regulate trustee organisations and their employees 
Research and identify industry standards and guidelines relevant to a trustee organisation and the provision of its products and services 
Identify and evaluate the regulatory and broader risks for a trustee organisation 
Apply risk mitigation strategies to assist in compliance with regulatory requirements 
Research and apply relevant trustee organisation policies and procedures to day-to-day work 
3.2 Provide trustee organisation's products and services to clients according to regulatory and organisational requirements 
Incorporate regulatory and organisational requirements into relevant documentation and work practices 
Seek specialist advice and guidance where required to interpret, analyse and apply regulatory requirements 
Access and use systems for maintaining up-to-date information about relevant regulatory requirements 
4.2 Review trustee organisation's practices and procedures against current regulatory requirements and update as necessary 

Forms

Assessment Cover Sheet

FNSPRT504 - Apply knowledge of the regulatory environment relevant to trustee organisations
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Assessment Record Sheet

FNSPRT504 - Apply knowledge of the regulatory environment relevant to trustee organisations

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Assessment task 1: [title] Result: Competent Not yet competent

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