Unit of competency Outline
Date retreived
22/07/2026 8:07 PM AWST
22/07/2026 8:07 PM 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 understanding of traditional trustee services
Develop understanding of traditional trustee services
Unit of competency
National Code
FNSPRT516
FNSPRT516
State Code
OEB87
OEB87
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 identify the regulatory requirements and provision and ongoing obligations of traditional trustee services provided to clients.The unit applies to those employed by trustee organisations that are 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. Identify regulatory requirements and key principles of traditional trustee services
- 1.1 Identify federal, state and territory-based legislation for traditional trustee services offered by the trustee organisation
- 1.2 Identify roles and requirements of relevant regulators and the ombudsman
- 1.3 Analyse role of a substitute decision-maker and discretionary decision-making
- 1.4 Identify and consider common law principles relevant to traditional trustee services
2. Determine provision of traditional trustee services
- 2.1 Analyse the various functions performed within traditional trustee services
- 2.2 Identify and explain fee charging, statutory caps and disclosure for various clients according to organisational and regulatory requirements
- 2.3 Analyse and interpret the contents of governing and founding instruments
- 2.4 Evaluate and discuss investment outcomes appropriate to client circumstances and term
- 2.5 Use client relationship management and asset management systems when delivering traditional trustee services
3. Identify and develop actions to meet ongoing obligations of providing traditional trustee services
- 3.1 Facilitate use of other appropriate services and resources by providing referrals to other specialists as required
- 3.2 Apply conditions of the prudent person principle
- 3.3 Identify and maintain ongoing taxation obligations
- 3.4 Identify and implement asset protection strategies
- 3.5 Maintain accurate accounts and records according to organisational and regulatory requirements
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWF12 | FNSPRT506 | Develop understanding of traditional trustee services | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BHX2 | FNS52022 | Diploma of Personal Trusts | Qualification |