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Evidence Guide: FNSPRT406A - Administer powers of attorney or financial administration orders

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

 

FNSPRT406A - Administer powers of attorney or financial administration orders

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

Initiate the appropriate processes

  1. Preliminary reading of attorneyship document, financial administration order or court order is undertaken to establish parameters of role and instructions previously taken
  2. Interactions with client and or relevant advisers are undertaken and special needs acknowledged and potential conflicts identified and strategies for appropriate action clearly communicated where required
Preliminary reading of attorneyship document, financial administration order or court order is undertaken to establish parameters of role and instructions previously taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interactions with client and or relevant advisers are undertaken and special needs acknowledged and potential conflicts identified and strategies for appropriate action clearly communicated where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the client's assets and liabilities

  1. Client's assets are ascertained promptly and relevant information and documents obtained and checked with steps taken to ensure that property is adequately insured and secured
  2. Confirmation of liabilities is sought and an accurate valuation of assets obtained and assets weighed against liabilities
  3. Statement of assets and liabilities is prepared and any contingencies identified
Client's assets are ascertained promptly and relevant information and documents obtained and checked with steps taken to ensure that property is adequately insured and secured

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirmation of liabilities is sought and an accurate valuation of assets obtained and assets weighed against liabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Statement of assets and liabilities is prepared and any contingencies identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage administration requirements

  1. Client's financial needs for both income and capital are identified and a financial plan and investment strategy is prepared
  2. Regular and periodic payments are established
  3. Taxation file is established with the Australian Taxation Office or liaison is established with the client's accountant
  4. Ongoing communication channels are established with client and or relevant advisers and liaison is maintained
  5. Regular statements of accounts and tax returns prepared
Client's financial needs for both income and capital are identified and a financial plan and investment strategy is prepared

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Regular and periodic payments are established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Taxation file is established with the Australian Taxation Office or liaison is established with the client's accountant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ongoing communication channels are established with client and or relevant advisers and liaison is maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Regular statements of accounts and tax returns prepared

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Continuously evaluate and review strategies

  1. Ongoing review processes for financial plan are established and implemented
  2. Assets and the investment strategy are reviewed periodically and appropriate changes made
  3. Ongoing management of the client's assets is provided using procedures in accordance with relevant legal, statutory and organisational requirements, and ensuring that the client is treated in an ethical and sensitive manner with respect for confidentiality
Ongoing review processes for financial plan are established and implemented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assets and the investment strategy are reviewed periodically and appropriate changes made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ongoing management of the client's assets is provided using procedures in accordance with relevant legal, statutory and organisational requirements, and ensuring that the client is treated in an ethical and sensitive manner with respect for confidentiality

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:

undertake relevant tasks associated with carrying out terms of attorneyship or financial administration orders

apply conflict resolution skills to recognise potential conflict, and use strategies to defuse the situation and use customer service strategies that allow for customers' needs to be assessed and responded to, to ensure maximum customer satisfaction

use standard and non-standard clauses, and conventions in drafting letters and documents

correctly interpret effects on behaviour of different intellectual capacities, and mental and physical disabilities

use organisational technology to produce documents relating to carrying out terms of attorneyship or financial administration order

prepare and interpret financial statements, and perform financial calculations

use 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 appropriate legislation and regulations relevant to attorneyship and financial administration orders, workplace manuals and reference material such as company policy, procedural manuals and checklists.

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

setting and reviewing simulations or scenarios

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

highly developed communication skills to:

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

provide customer service and deal sensitively with clients

resolve disputes and conflicts

liaise with others such as specialist advisers, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing, interpreting and managing information and performing genealogical searches

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

highly developed numeracy skills to prepare and interpret complex financial statements and perform complex financial calculations

well-developed 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 Commonwealth legislation and regulations including:

Income Tax and Assessment Act

Financial Services Regulation Act (FSRA) legislation relating to powers of attorney/guardianship and administration

business law for financial institutions including:

guidelines and procedures to ensure that legal requirements are met when entering into a contract

correct legal terminology and phrases

statutory charges, taxes and other fees applicable to financial institutions

legal parameters of the customer/financial institution relationship

organisational policy and procedures and roles, responsibilities and powers of the personal trust officer including:

organisational expectations

limitation of personal authority (e.g. not giving investment advice)

the professional code of conduct in the personal trustee industry including:

ethical practices

integrity

professionalism

confidentiality

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

role of external specialists and resources relevant to requirements in the personal trustee industry

effects on behaviour of different intellectual capacities, and mental and physical disabilities

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.

Interactions with client may be affected by:

client having unreasonable expectations

client not having full capacity

existence of family conflicts of interest.

Relevant advisers may include:

accountant

carers

family members

Guardianship Tribunal or equivalent

health professionals

officers of Department of Social Security.

Ongoing management of the client's assets may include:

payment of income and expenditure, and the selling or purchase of assets

properly considered advice from the client's advisers

State, interstate and legislative requirements

using taxation or financial planning specialists who may undertake tasks in some corporations.

Legal, statutory and organisational requirements may include:

State and Territory legislation and regulation relating to:

attorneyships and guardianships

partnerships

Commonwealth legislation and regulations including:

Income Tax Assessment Act

statutory requirements such as court orders

professional code of conduct in the personal trustee industry.

Ethical and sensitive manner is:

in accordance to the professional code of conduct in the personal trustee industry including:

ethical practices

integrity

professionalism

confidentiality.