Unit of competency Outline

Date retreived
22/07/2026 7:10 AM AWST

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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
FNSPRT507
State Code
AWF10
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
12/05/2016
Field of Education
081105 - Investment And Securities
Original Release Date
12/05/2016
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. It applies to individuals 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 statutory and common law requirements. Refer to the FNS Implementation Guide Companion Volume, the Corporations Act (Commonwealth), relevant state and territory legislation and case law for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify the type of client and the client's needs, interests and rights
  • 1.1 Confirm whether the client is a beneficiary, minor beneficiary or represented person
  • 1.2 Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client
  • 1.3 Identify broader ethical issues associated with the delivery of traditional trustee company services to the client
2. Apply legal and ethical principles to fiduciary duty and decision-making
  • 2.1 Identify the 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 the client which meet the client's needs, are in the client's best interest and uphold the client's rights
  • 2.3 Support and encourage clients to exercise their rights without compromising their safety and that of others
  • 2.4 Inform other relevant stakeholders of the 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
Replaced By
State Code National Code Title Type
OEB86 FNSPRT517 Apply principles of fiduciary duty, substituted decision making and ethical decision making Unit of competency
State Code National Code Title Type
AZJ5 FNS52015 Diploma of Personal Trusts Qualification