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

FNSPRT507 Mapping and Delivery Guide
Apply principles of fiduciary duty, substituted decision-making and ethical decision-making

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSPRT507 - Apply principles of fiduciary duty, substituted decision-making and ethical decision-making
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to make legal and ethical decisions in relation to a trustee organisation's clients, including clients who lack financial capacity and minor beneficiaries. It applies to individuals who deal directly with clients and other employees of a trustee organisation who make client decisions and provide traditional trustee services. Work functions in the occupational areas where this unit may be used are subject to statutory and common law requirements. Refer to the FNS Implementation Guide Companion Volume, the Corporations Act (Commonwealth), relevant state and territory legislation and case law 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 organisations

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: 1. Identify the type of client and the client's needs, interests and rights
  • Confirm whether the client is a beneficiary, minor beneficiary or represented person
  • Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client
  • Identify broader ethical issues associated with the delivery of traditional trustee company services to the client
       
Element: Apply legal and ethical principles to fiduciary duty and decision-making
  • Identify the legal requirements necessary to discharge a fiduciary duty, to act as a substituted decision-maker and to act ethically
  • 2.2 Make decisions in relation to the client which meet the client's needs, are in the client's best interest and uphold the client's rights
  • Support and encourage clients to exercise their rights without compromising their safety and that of others
  • 2.4 Inform other relevant stakeholders of the client's needs, interests and rights
       
Element: Maintain a working knowledge of trustee fiduciary duties and substituted decision-making and ethical principles
  • Access relevant legal and organisational sources to ensure current knowledge of fiduciary duty, substituted decision-making and ethical principles
  • Modify any client services, processes and procedures where necessary to comply with current fiduciary duty, substituted decision-making and ethical principles
       
Element: Identify the type of client and the client's needs, interests and rights
  • Confirm whether the client is a beneficiary, minor beneficiary or represented person
  • Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client
  • Identify broader ethical issues associated with the delivery of traditional trustee company services to the client
       


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 type of client and the client's needs, interests and rights

1.1 Confirm whether the client is a beneficiary, minor beneficiary or represented person

1.2 Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client

1.3 Identify broader ethical issues associated with the delivery of traditional trustee company services to the client

2. Apply legal and ethical principles to fiduciary duty and decision-making

2.1 Identify the legal requirements necessary to discharge a fiduciary duty, to act as a substituted decision-maker and to act ethically

2.2 Make decisions in relation to the client which meet the client's needs, are in the client's best interest and uphold the client's rights

2.3 Support and encourage clients to exercise their rights without compromising their safety and that of others

2.4 Inform other relevant stakeholders of the client's needs, interests and rights

3. Maintain a working knowledge of trustee fiduciary duties and substituted decision-making and ethical principles

3.1 Access relevant legal and organisational sources to ensure current knowledge of fiduciary duty, substituted decision-making and ethical principles

3.2 Modify any client services, processes and procedures where necessary to comply with current fiduciary duty, substituted decision-making and ethical principles

Evidence of the ability to:

identify the relevant fiduciary duty, substituted decision-making and ethical decision-making principles, and associated legislative requirements when providing traditional trustee services to a client

apply fiduciary duty, substituted decision-making and ethical decision-making principles and associated legislative requirements to make decisions for a client and explain to the client or other relevant stakeholder, how that decision meets the client's needs and interests and upholds their rights

use systems to maintain knowledge of fiduciary duty, substituted decision-making and ethical decision-making principles and associated legislative 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:

explain key elements of the legislative requirements, including common law, that apply when providing traditional trustee services to clients including:

fiduciary duty

substituted judgement

ethics and equity

explain key elements of the prudent person principles 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

aggregate value of estate in trust

describe client needs, interests and rights relevant to the requirements of fiduciary duty, substituted decision-making and ethical decision-making principles including:

physical and emotional security

support and care

economic support

household assistance and maintenance

possessions

bank accounts

accommodation

facilities

services available and desired

recreational pursuits

participation or non-participation to the degree desired

receive or refuse quality services

human rights including the right to freedom from discrimination

describe traditional trustee company products and 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

discuss key sources of information on fiduciary duty, substituted judgement and ethics and equity principles and associated legislative requirements including:

courts

existing or proposed trust deeds

industry bodies

relevant federal, state and territory government organisations

organisational policies and procedures.

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 type of client and the client's needs, interests and rights

1.1 Confirm whether the client is a beneficiary, minor beneficiary or represented person

1.2 Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client

1.3 Identify broader ethical issues associated with the delivery of traditional trustee company services to the client

2. Apply legal and ethical principles to fiduciary duty and decision-making

2.1 Identify the legal requirements necessary to discharge a fiduciary duty, to act as a substituted decision-maker and to act ethically

2.2 Make decisions in relation to the client which meet the client's needs, are in the client's best interest and uphold the client's rights

2.3 Support and encourage clients to exercise their rights without compromising their safety and that of others

2.4 Inform other relevant stakeholders of the client's needs, interests and rights

3. Maintain a working knowledge of trustee fiduciary duties and substituted decision-making and ethical principles

3.1 Access relevant legal and organisational sources to ensure current knowledge of fiduciary duty, substituted decision-making and ethical principles

3.2 Modify any client services, processes and procedures where necessary to comply with current fiduciary duty, substituted decision-making and ethical principles

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
Confirm whether the client is a beneficiary, minor beneficiary or represented person 
Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client 
Identify broader ethical issues associated with the delivery of traditional trustee company services to the client 
Identify the legal requirements necessary to discharge a fiduciary duty, to act as a substituted decision-maker and to act ethically 
2.2 Make decisions in relation to the client which meet the client's needs, are in the client's best interest and uphold the client's rights 
Support and encourage clients to exercise their rights without compromising their safety and that of others 
2.4 Inform other relevant stakeholders of the client's needs, interests and rights 
Access relevant legal and organisational sources to ensure current knowledge of fiduciary duty, substituted decision-making and ethical principles 
Modify any client services, processes and procedures where necessary to comply with current fiduciary duty, substituted decision-making and ethical principles 
Confirm whether the client is a beneficiary, minor beneficiary or represented person 
Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client 
Identify broader ethical issues associated with the delivery of traditional trustee company services to the client 

Forms

Assessment Cover Sheet

FNSPRT507 - Apply principles of fiduciary duty, substituted decision-making and ethical decision-making
Assessment task 1: [title]

Student name:

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

Student signature:

Result: Competent Not yet competent

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Assessor name:

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Assessment Record Sheet

FNSPRT507 - Apply principles of fiduciary duty, substituted decision-making and ethical decision-making

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:

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