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.
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. 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 Performance
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.
Evidence of Knowledge
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.
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 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.
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, 2.2 | Critically analyses documentation from a variety of sources and records and consolidates information to determine requirements |
Writing | 3.1, 3.2 | Uses a range of formats and structures to report, maintain accurate records, document decisions and present information logically Develops material for a specific audience using clear and detailed language to convey accurate information and recommendations |
Navigate the world of work | 2.1, 2.2, 3.1-3.3 | Develops and implements programs to ensure organisational goals are achieved and performance improved Monitors and reviews the organisational policies and procedures and adherence to legislative requirements |
Get the work done | 1.1-1.3, 2.1 2.2, 3.1-3.3 | Systematically gathers and analyses all relevant information to determine work requirements and implement programs Develops flexible plans for routine and complex activities with strategic implications that involve a diverse range of personnel Monitors results against stated goals adjusting plans and resources where necessary Uses digital systems and technologies to enter, store or access information |
Sectors
Personal trustee