Unit of competency Outline
Date retreived
22/07/2026 12:12 PM AWST
22/07/2026 12:12 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.
Support trustee in the selection and performance monitoring of outsourced services
Support trustee in the selection and performance monitoring of outsourced services
Unit of competency
National Code
FNSSMS505A
FNSSMS505A
State Code
D4331
D4331
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
31/07/2014
Nominal Hours
50
Description
This unit describes the function involved in assisting clients or trustees select and monitor the performance of outcomes from outsourced services such as accountants, actuaries, solicitors, insurers, investment managers and financial planners. It encompasses supporting the client/trustee in establishing a scope for outsourced services, establishing criteria for outsourced services, selecting and engaging outsourced suppliers and monitoring the performance of outsourced services, but does not require expertise in the functions of outsourced service providers.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Assist client/trustee establish scope for outsourced services
- 1.1. A review is conducted to determine the extent to which selected activities are conducted internally by members or by outsourced services
- 1.2. Activities within the fund that can or are required to be outsourced are identified
- 1.3. Scope of possible outsourced services is identified
- 1.4. Legislative and regulatory requirements relating to required services are identified
- 1.5. Recommendation and/or decision on scope of outsourced services is made according to fund requirements
- 1.6. Engagement criteria are established in negotiation with client/trustee
2. Assist the client/ trustee to establish performance criteria for outsourced services
- 2.1. Scope of expertise required from the outsourced service is defined and documented
- 2.2. Performance standards for the provision of monitoring service standards and performance outcomes from outsourced services providers are established and documented
- 2.3. Monitoring and measuring processes for performance outcomes from outsourced services are established and documented
- 2.4. Reporting processes for outsourced services are established and documented
- 2.5. Briefing documents are prepared
3. Assist the client/ trustee to select and engage outsourced suppliers
- 3.1. Client/trustee is assisted to select suppliers of outsourced services against established criteria
- 3.2. Outsourced suppliers are engaged formally
- 3.3. Outsourced suppliers are briefed on required service
- 3.4. Members are informed about outsourced services and working implications
4. Assist the client/trustee to monitor the performance outcomes of outsourced services
- 4.1. Performance outcomes of outsourced services are reviewed against performance criteria and fund requirements
- 4.2. Further review periods are established
- 4.3. Required changes in services are negotiated
- 4.4. Supplier performance is documented and communicated to members
- 4.5. Outsourced services are disengaged as required
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.
Outsourced services may include:
actuaries
auditors
communication consultants
employer relationship managers
financial planners
IT specialists
insurers
investment managers
sales and marketing specialists
solicitors
trustees.
Legislative and regulatory requirements may include guidelines covered by, as amended:
anti-discrimination legislation
Corporations Act
Family Law Legislation Amendment Superannuation Act
Financial Services Reform Act (FSRA)
Income Tax Assessment Act
industrial legislation
Insurance Act
Privacy Act
Retirement Savings Account Act
stamp duty legislation
Superannuation (Resolution of Complaints) Act
Superannuation (Unclaimed Moneys and Lost Members) Act
Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)
Superannuation Guarantee (Administration) Act (SGAA)
Superannuation Industry (Supervision) Act (SIS)
Superannuation Industry (Supervision) Regulations
trade practices legislation
Trustee Acts or Trust Acts in each State and Territory
other relevant State/Territory and Commonwealth legislation.
Engagement criteria may include:
past experience and performance record of provider
price structure of provider service
public profile of provider
quality of advice from provider
size of outsourced provider.
Performance standards may include:
available personnel
communication and documentation standards
completion dates
data availability
document presentation
experience
information technology (IT) compatibility
interpersonal relations
location
number of outcomes
performance goals
procedures
reputation
response times
service dedication
specific financial position and returns
staff communication
value for money.
Required changes in service may include:
changes in the way service is implemented
increased communication and/or documentation
increased or decreased service
increased standards of performance.
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.
Outsourced services may include:
actuaries
auditors
communication consultants
employer relationship managers
financial planners
IT specialists
insurers
investment managers
sales and marketing specialists
solicitors
trustees.
Legislative and regulatory requirements may include guidelines covered by, as amended:
anti-discrimination legislation
Corporations Act
Family Law Legislation Amendment Superannuation Act
Financial Services Reform Act (FSRA)
Income Tax Assessment Act
industrial legislation
Insurance Act
Privacy Act
Retirement Savings Account Act
stamp duty legislation
Superannuation (Resolution of Complaints) Act
Superannuation (Unclaimed Moneys and Lost Members) Act
Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)
Superannuation Guarantee (Administration) Act (SGAA)
Superannuation Industry (Supervision) Act (SIS)
Superannuation Industry (Supervision) Regulations
trade practices legislation
Trustee Acts or Trust Acts in each State and Territory
other relevant State/Territory and Commonwealth legislation.
Engagement criteria may include:
past experience and performance record of provider
price structure of provider service
public profile of provider
quality of advice from provider
size of outsourced provider.
Performance standards may include:
available personnel
communication and documentation standards
completion dates
data availability
document presentation
experience
information technology (IT) compatibility
interpersonal relations
location
number of outcomes
performance goals
procedures
reputation
response times
service dedication
specific financial position and returns
staff communication
value for money.
Required changes in service may include:
changes in the way service is implemented
increased communication and/or documentation
increased or decreased service
increased standards of performance.
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:
establish scope and criteria for outsourced services and select, engage and monitor outsourced suppliers
implement tendering processes and assess service applications
assess supplier performance and renegotiate as required
review legal contracts.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the 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 organisation financial records
access to organisational policies and procedures.
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
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment
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:
establish scope and criteria for outsourced services and select, engage and monitor outsourced suppliers
implement tendering processes and assess service applications
assess supplier performance and renegotiate as required
review legal contracts.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the 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 organisation financial records
access to organisational policies and procedures.
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
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT07 | FNSSMS505 | Support trustee in the selection and performance monitoring of outsourced services | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| J604 | FNS60513 | Advanced Diploma of Superannuation | Qualification |
| D720 | FNS50711 | Diploma of Superannuation | Qualification |