Unit of competency Outline
Date retreived
22/07/2026 9:58 AM AWST
22/07/2026 9:58 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Apply principles of fiduciary duty, substituted decision making and ethical decision making
Apply principles of fiduciary duty, substituted decision making and ethical decision making
Unit of competency
National Code
FNSPRT517
FNSPRT517
State Code
OEB86
OEB86
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
081105 - Investment And Securities
Original Release Date
07/12/2022
Nominal Hours
45
Description
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.The unit applies to those 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 regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Identify client type, needs, interests and rights
- 1.1 Confirm whether client is a beneficiary, minor beneficiary or represented person
- 1.2 Identify needs, interests and rights of client and relevant fiduciary duties and substituted decision-making principles required when dealing with client
- 1.3 Identify broader ethical issues associated with delivery of traditional trustee company services to the client
2. Apply legal and ethical principles to fiduciary duty and decision making
- 2.1 Identify 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 client that meet client’s needs, are in client’s best interest, and uphold client’s rights according to organisational policies and procedures
- 2.3 Support and encourage client to exercise their rights without compromising their safety and that of others
- 2.4 Inform other relevant stakeholders of 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
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWF10 | FNSPRT507 | Apply principles of fiduciary duty, substituted decision-making and ethical decision-making | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BHX2 | FNS52022 | Diploma of Personal Trusts | Qualification |