Unit of competency Outline
Date retreived
22/07/2026 9:56 AM AWST
22/07/2026 9:56 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.
Develop and maintain knowledge of financial services and assets
Develop and maintain knowledge of financial services and assets
Unit of competency
National Code
FNSPRT515
FNSPRT515
State Code
OEB88
OEB88
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
55
Description
This unit describes the skills and knowledge required to develop and maintain knowledge of financial services offered by a trustee organisation. This includes analysing and maintaining knowledge of financial services and assets in compliance with organisational and regulatory requirements. The unit applies to those who work in trustee organisations, 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. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Analyse financial services and assets
- 1.1 Determine purpose of financial services offered and assets managed by the trustee organisation
- 1.2 Examine characteristics of financial services offered by the trustee organisation
- 1.3 Examine characteristics of assets managed by the trustee organisation
2. Identify and apply regulatory requirements
- 2.1 Research and identify financial services offered by the trustee organisation that are subject to regulatory requirements
- 2.2 Apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation
3. Implement processes to maintain knowledge of financial services and assets
- 3.1 Establish processes to review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation as required
- 3.2 Establish processes to review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation
- 3.3 Establish processes to regularly access and use systems for maintaining up-to-date knowledge about financial services offered and assets managed by the trustee organisation
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWF13 | FNSPRT505 | Develop and maintain knowledge of financial services and assets | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BHU7 | FNS42222 | Certificate IV in Personal Trust Administration | Qualification |
| BHX2 | FNS52022 | Diploma of Personal Trusts | Qualification |