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Evidence Guide: FNSPRT303A - Administer a non-complex trust

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSPRT303A - Administer a non-complex trust

What evidence can you provide to prove your understanding of each of the following citeria?

Establish the trust file

  1. . Preliminary reading of the trust establishment document to identify parameters and instructions is conducted
  2. . The trust file is created according to organisational requirements
  3. . Deposit of trust funds is arranged
. Preliminary reading of the trust establishment document to identify parameters and instructions is conducted

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

. The trust file is created according to organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

. Deposit of trust funds is arranged

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide for the ongoing management of the trust

  1. . A diary system is established to efficiently identify relevant dates
  2. . Needs of beneficiaries for both income and capital are identified and arrangements made for an investment strategy to be prepared
  3. 2.3. Beneficiaries' profiles are established and relevant records obtained
  4. . Regular statements of accounts are prepared and arrangement made for lodgement of tax
  5. . Applications by beneficiaries for advance of capital or income are responded to
  6. . Assets and investment strategies are reviewed periodically and appropriate changes made
. A diary system is established to efficiently identify relevant dates

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

. Needs of beneficiaries for both income and capital are identified and arrangements made for an investment strategy to be prepared

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

2.3. Beneficiaries' profiles are established and relevant records obtained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

. Regular statements of accounts are prepared and arrangement made for lodgement of tax

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

. Applications by beneficiaries for advance of capital or income are responded to

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

. Assets and investment strategies are reviewed periodically and appropriate changes made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

assist clients in administering non-completed trusts

prepare and interpret simple financial statements

apply basic investigation skills such as genealogical research.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to the internet for searches.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm work and client requirements, using questioning and active listening as required

provide customer service

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing, interpreting and managing information

IT skills for accessing and using appropriate systems and databases and using internet information

numeracy skills to make calculations and interpret and prepare financial statements

literacy skills to:

read and interpret documentation from a variety of sources

prepare documentation

record, consolidate and file information

administrative and organisational skills, including the ability to plan and sequence work

Required knowledge

relevant State and Territory legislation and regulations relating to:

wills

trusteeships

investment of trust assets

basic business law for financial institutions including:

statutory charges, taxes and other fees applicable to financial institutions

legal parameters of the customer or financial institution relationship

roles, responsibilities and powers of the personal trustee officer including:

ethics

integrity

professionalism

confidentiality

how to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry

organisational policies and procedures required in the full range of tasks covered

products and services offered by the organisation and fees attached

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Organisational requirements may include:

professional code of conduct in the personal trustee industry including:

applying ethical principles

integrity

professional attitude

maintaining confidentiality

meeting timelines.

Relevant dates may include:

dates for regular payments, such as:

beneficiaries' vesting dates

inspection dates

insurance.

Beneficiaries' profiles may include:

recording of ages

the nature of the trust:

minor beneficiaries

life tenancy.