Unit of competency Outline

Date retreived
22/07/2026 1:32 AM AWST

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Administer complex trusts

Administer complex trusts

Unit of competency
National Code
FNSPRT414
State Code
OEB94
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
081105 - Investment And Securities
Original Release Date
07/12/2022
Nominal Hours
60
Description
This unit describes the skills and knowledge required to administer trusts with complex matters. This includes establishing the trust file and managing and monitoring the trust’s assets.The unit applies to senior level personal trust officers in the personal trustee sector who apply well-developed communication, customer service, and financial management skills to administer trusts with complex matters.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. Establish trust file
  • 1.1 Undertake preliminary reading of trust instrument and identify parameters, instructions and complex matters to administer
  • 1.2 Arrange services of specialists and other resources to assist with management of complex matters as required
  • 1.3 Create trust file according to legislative and organisational requirements
2. Establish and manage trust
  • 2.1 Identify income and capital needs of beneficiaries and prepare investment strategy
  • 2.2 Confirm with beneficiaries that investment strategy aligns with their income and capital needs
  • 2.3 Identify relevant distribution and vesting dates and record in diary management system
  • 2.4 Process applications from beneficiaries for an advance of trust’s capital or income
  • 2.5 Approve or decline application according to type of funds available in the trust and wishes of other concerned parties
  • 2.6 Manage conflicts or complaints that arise as a result of the decision, as required
  • 2.7 Invest trust assets according to investment strategy obligations of a trustee
3. Evaluate and review trust performance
  • 3.1 Establish processes to review performance of trust’s assets periodically and confirm it aligns with best interests of beneficiaries
  • 3.2 Report performance to required stakeholders and advise if changes to trust are required
  • 3.3 Prepare and provide beneficiaries with copies of financial, investment and transaction statements
  • 3.4 Explain and confirm that client understands all associated fees and charges originating from financial investments and transactions
  • 3.5 Prepare and lodge a trustee tax return as required, seeking assistance from specialists as required
No information
No information
Replaces
State Code National Code Title Type
AUS71 FNSPRT404 Administer a trust dealing with complex matters 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