Application
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.
Elements and Performance Criteria
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 Performance
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.
Evidence of Knowledge
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 Conditions
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.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.3, 3.1, 4.1 | Critically analyses documentation from a variety of sources and consolidates information to determine work requirements |
Writing | 3.3, 4.2 | Uses a range of formats and structures to report and present information logically Develops material for a specific audience using clear and detailed language to convey accurate information and recommendations |
Oral Communication | 3.2, 3.4 | Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of others Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience |
Navigate the world of work | 2.2, 3.1-3.4, 4.2 | Develops and implements processes to ensure organisational requirements are met Monitors and reviews the organisational policies and procedures and adherence to legislative requirements |
Interact with others | 3.2, 3.4 | Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships |
Get the work done | 1.1-1.3, 2.1, 2.2, 3.1, 3.3, 4.1, 4.2 | Systematically gathers and analyses all relevant information to determine work requirements Develops routine and non-routine solutions that involve a diverse range of personnel Monitors results against stated regulatory requirements and makes adjustments where necessary Uses digital systems and technologies to enter, store or access information |
Sectors
Personal Trustees