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

FNSPRT505 Mapping and Delivery Guide
Develop and maintain knowledge of financial services and assets

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSPRT505 - Develop and maintain knowledge of financial services and assets
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to develop and maintain knowledge of the financial services and assets offered or used by a trustee organisation.It applies to individuals who work within a trustee organisation, provide financial services and manage assets appropriately for their clients. These individuals are employed by trustee organisations that may be 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 or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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 financial services provided and assets managed by trustee organisation

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.
Prerequisites/co-requisites
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: Analyse financial services and assets
  • Determine the purpose of the financial services offered by the trustee organisation
  • Examine the characteristics of the financial services offered by the trustee organisation
  • Examine the characteristics of the assets managed by the trustee organisation
       
Element: Identify and apply regulatory requirements
  • Identify financial services provided by the trustee organisation that are subject to regulatory requirements
  • Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation
       
Element: Maintain knowledge of financial services and assets
  • Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation
  • Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation
  • Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets
       


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. Analyse financial services and assets

1.1 Determine the purpose of the financial services offered by the trustee organisation

1.2 Examine the characteristics of the financial services offered by the trustee organisation

1.3 Examine the characteristics of the assets managed by the trustee organisation

2. Identify and apply regulatory requirements

2.1 Identify financial services provided by the trustee organisation that are subject to regulatory requirements

2.2 Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation

3. Maintain knowledge of financial services and assets

3.1 Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation

3.2 Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation

3.3 Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets

Evidence of the ability to:

list and describe financial services offered and assets managed by trustee organisation

research and apply current regulatory requirements in relation to financial services offered and assets managed by trustee organisation for clients

access and use systems and sources of information to maintain knowledge on financial services offered and assets managed by trustee organisation.

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 the different traditional trustee financial services offered by a trustee organisation including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering powers of attorney

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

administering charitable trusts and foundations

describe the different assets managed or used by a trustee organisation including:

superannuation

real estate

common funds

direct shares

managed investment schemes

bonds

life insurance

cash investments

explain elements of the key regulatory requirements of a trustee organisation that offers financial services and manages assets including:

Corporations Act 2001

state based trustee acts

public trustee acts

prudent person principle including diversification, investment risks including losing capital or income, capital maintenance, capital depreciation, capital appreciation, estimated income return, liquidity and marketability of the proposed investment and aggregate value of estate in trust

outline key sources of information on financial services offered and assets managed by the trustee organisation including:

product disclosure statements

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

Financial Ombudsman Service (FOS)

industry bodies.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Analyse financial services and assets

1.1 Determine the purpose of the financial services offered by the trustee organisation

1.2 Examine the characteristics of the financial services offered by the trustee organisation

1.3 Examine the characteristics of the assets managed by the trustee organisation

2. Identify and apply regulatory requirements

2.1 Identify financial services provided by the trustee organisation that are subject to regulatory requirements

2.2 Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation

3. Maintain knowledge of financial services and assets

3.1 Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation

3.2 Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation

3.3 Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets

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
Determine the purpose of the financial services offered by the trustee organisation 
Examine the characteristics of the financial services offered by the trustee organisation 
Examine the characteristics of the assets managed by the trustee organisation 
Identify financial services provided by the trustee organisation that are subject to regulatory requirements 
Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation 
Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation 
Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation 
Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets 

Forms

Assessment Cover Sheet

FNSPRT505 - Develop and maintain knowledge of financial services and assets
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

FNSPRT505 - Develop and maintain knowledge of financial services and assets

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: