Unit of competency Outline

Date retreived
22/07/2026 7:58 PM AWST

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Develop understanding of traditional trustee services

Develop understanding of traditional trustee services

Unit of competency
National Code
FNSPRT506
State Code
AWF12
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 explain the types and range of traditional trustee services the trustee organisation offers that may be appropriate for particular clients. It also covers reviewing and evaluating the services provided to clients.It applies to individuals 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. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify the regulatory requirements and key principles of traditional trustee services
  • 1.1 Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation
  • 1.2 Identify the roles and requirements of relevant regulators and the ombudsman
  • 1.3 Analyse the role of a substitute decision-maker and discretionary decision-making
  • 1.4 Identify and consider relevant common law principles
2. Determine the 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
  • 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. Meet ongoing obligations of providing traditional trustee services
  • 3.1 Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary
  • 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
No information
No information
Replaced By
State Code National Code Title Type
OEB87 FNSPRT516 Develop understanding of traditional trustee services Unit of competency
State Code National Code Title Type
AZJ5 FNS52015 Diploma of Personal Trusts Qualification