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

FNSPRT506 Mapping and Delivery Guide
Develop understanding of traditional trustee services

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSPRT506 - Develop understanding of traditional trustee services
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to explain the types and range of traditional trustee services the trustee organisation offers that may be appropriate for particular clients. It also covers reviewing and evaluating the services provided 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 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 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: Identify the regulatory requirements and key principles of traditional trustee services
  • Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation
  • Identify the roles and requirements of relevant regulators and the ombudsman
  • Analyse the role of a substitute decision-maker and discretionary decision-making
  • Identify and consider relevant common law principles
       
Element: Determine the provision of traditional trustee services
  • Analyse the various functions performed within traditional trustee services
  • Identify and explain fee charging, statutory caps and disclosure for various clients
  • Analyse and interpret the contents of governing and founding instruments
  • Evaluate and discuss investment outcomes appropriate to client circumstances and term
  • Use client relationship management and asset management systems when delivering traditional trustee services
       
Element: Meet ongoing obligations of providing traditional trustee services
  • Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary
  • Apply conditions of the prudent person principle
  • Identify and maintain ongoing taxation obligations
  • Identify and implement asset protection strategies
  • Maintain accurate accounts and records
       


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 the regulatory requirements and key principles of traditional trustee services

1.1 Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation

1.2 Identify the roles and requirements of relevant regulators and the ombudsman

1.3 Analyse the role of a substitute decision-maker and discretionary decision-making

1.4 Identify and consider relevant common law principles

2. Determine the provision of traditional trustee services

2.1 Analyse the various functions performed within traditional trustee services

2.2 Identify and explain fee charging, statutory caps and disclosure for various clients

2.3 Analyse and interpret the contents of governing and founding instruments

2.4 Evaluate and discuss investment outcomes appropriate to client circumstances and term

2.5 Use client relationship management and asset management systems when delivering traditional trustee services

3. Meet ongoing obligations of providing traditional trustee services

3.1 Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary

3.2 Apply conditions of the prudent person principle

3.3 Identify and maintain ongoing taxation obligations

3.4 Identify and implement asset protection strategies

3.5 Maintain accurate accounts and records

Evidence of the ability to:

explain the regulatory and key principle requirements of providing traditional trustee services

explain the range of traditional trustee services to a client in a suitable manner

maintain knowledge and application of the ongoing obligations of providing traditional trustee services.

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:

explain elements of the key regulatory requirements of traditional trustee services a trustee organisation provides including:

trustee acts for each state and territory

licensing regime that authorises the provision of advice

prudent person principle such as 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

describe client circumstances relevant to determining investment outcomes including:

required rate of return

stability of income

mental capacity

phase of life

concerns of capital protection

describe traditional trustee services 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

explain the different governing and founding instruments including:

will

power of attorney

trust deed

court order.

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. Identify the regulatory requirements and key principles of traditional trustee services

1.1 Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation

1.2 Identify the roles and requirements of relevant regulators and the ombudsman

1.3 Analyse the role of a substitute decision-maker and discretionary decision-making

1.4 Identify and consider relevant common law principles

2. Determine the provision of traditional trustee services

2.1 Analyse the various functions performed within traditional trustee services

2.2 Identify and explain fee charging, statutory caps and disclosure for various clients

2.3 Analyse and interpret the contents of governing and founding instruments

2.4 Evaluate and discuss investment outcomes appropriate to client circumstances and term

2.5 Use client relationship management and asset management systems when delivering traditional trustee services

3. Meet ongoing obligations of providing traditional trustee services

3.1 Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary

3.2 Apply conditions of the prudent person principle

3.3 Identify and maintain ongoing taxation obligations

3.4 Identify and implement asset protection strategies

3.5 Maintain accurate accounts and records

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
Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation 
Identify the roles and requirements of relevant regulators and the ombudsman 
Analyse the role of a substitute decision-maker and discretionary decision-making 
Identify and consider relevant common law principles 
Analyse the various functions performed within traditional trustee services 
Identify and explain fee charging, statutory caps and disclosure for various clients 
Analyse and interpret the contents of governing and founding instruments 
Evaluate and discuss investment outcomes appropriate to client circumstances and term 
Use client relationship management and asset management systems when delivering traditional trustee services 
Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary 
Apply conditions of the prudent person principle 
Identify and maintain ongoing taxation obligations 
Identify and implement asset protection strategies 
Maintain accurate accounts and records 

Forms

Assessment Cover Sheet

FNSPRT506 - Develop understanding of traditional trustee services
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

FNSPRT506 - Develop understanding of traditional trustee services

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: