Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSPRT303A Mapping and Delivery Guide
Administer a non-complex trust

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSPRT303A - Administer a non-complex trust
Description This unit describes the performance outcomes, skills and knowledge required to administer a non-completed trust, including establishing the trust and conducting preliminary work for the ongoing management of the trust.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to job roles in the personal trustee industry.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Establish the trust file
  • . Preliminary reading of the trust establishment document to identify parameters and instructions is conducted
  • . The trust file is created according to organisational requirements
  • . Deposit of trust funds is arranged
       
Element: Provide for the ongoing management of the trust
  • . A diary system is established to efficiently identify relevant dates
  • . Needs of beneficiaries for both income and capital are identified and arrangements made for an investment strategy to be prepared
  • 2.3. Beneficiaries' profiles are established and relevant records obtained
  • . Regular statements of accounts are prepared and arrangement made for lodgement of tax
  • . Applications by beneficiaries for advance of capital or income are responded to
  • . Assets and investment strategies are reviewed periodically and appropriate changes made
       


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.

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:

assist clients in administering non-completed trusts

prepare and interpret simple financial statements

apply basic investigation skills such as genealogical research.

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 the internet for searches.

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

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

Required skills

communication skills to:

determine and confirm work and client requirements, using questioning and active listening as required

provide customer service

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing, interpreting and managing information

IT skills for accessing and using appropriate systems and databases and using internet information

numeracy skills to make calculations and interpret and prepare financial statements

literacy skills to:

read and interpret documentation from a variety of sources

prepare documentation

record, consolidate and file information

administrative and organisational skills, including the ability to plan and sequence work

Required knowledge

relevant State and Territory legislation and regulations relating to:

wills

trusteeships

investment of trust assets

basic business law for financial institutions including:

statutory charges, taxes and other fees applicable to financial institutions

legal parameters of the customer or financial institution relationship

roles, responsibilities and powers of the personal trustee officer including:

ethics

integrity

professionalism

confidentiality

how to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry

organisational policies and procedures required in the full range of tasks covered

products and services offered by the organisation and fees attached

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.

Organisational requirements may include:

professional code of conduct in the personal trustee industry including:

applying ethical principles

integrity

professional attitude

maintaining confidentiality

meeting timelines.

Relevant dates may include:

dates for regular payments, such as:

beneficiaries' vesting dates

inspection dates

insurance.

Beneficiaries' profiles may include:

recording of ages

the nature of the trust:

minor beneficiaries

life tenancy.

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
. Preliminary reading of the trust establishment document to identify parameters and instructions is conducted 
. The trust file is created according to organisational requirements 
. Deposit of trust funds is arranged 
. A diary system is established to efficiently identify relevant dates 
. Needs of beneficiaries for both income and capital are identified and arrangements made for an investment strategy to be prepared 
2.3. Beneficiaries' profiles are established and relevant records obtained 
. Regular statements of accounts are prepared and arrangement made for lodgement of tax 
. Applications by beneficiaries for advance of capital or income are responded to 
. Assets and investment strategies are reviewed periodically and appropriate changes made 

Forms

Assessment Cover Sheet

FNSPRT303A - Administer a non-complex trust
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSPRT303A - Administer a non-complex trust

Student name:

Student ID:

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

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: