Unit of competency Outline

Date retreived
23/07/2026 5:36 AM AWST

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Develop and maintain knowledge of the regulatory environment relevant to trustee organisations

Develop and maintain knowledge of the regulatory environment relevant to trustee organisations

Unit of competency
National Code
FNSPRT514
State Code
OEC90
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
45
Description
This unit describes the skills and knowledge required to research and analyse the regulatory requirements applicable to trustee organisations and to maintain and apply this knowledge in the provision of products and services 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
  • 1.1 Research legislation that applies to a trustee organisation
  • 1.2 Identify regulators and ombudsman that regulate trustee organisations and their employees
  • 1.3 Research and identify industry standards and guidelines relevant to a trustee organisation and the provision of its products and services
2. Identify and develop risk mitigation strategies for trustee organisations
  • 2.1 Identify and evaluate regulatory and broader risks for a trustee organisation
  • 2.2 Develop risk mitigation strategies to assist in compliance with regulatory requirements
3. Apply knowledge of regulatory requirements
  • 3.1 Research and apply relevant trustee organisation’s policies and procedures to own work
  • 3.2 Provide trustee organisation’s products and services to clients according to regulatory and organisational requirements
  • 3.3 Incorporate risk mitigation strategies and regulatory and organisational requirements into required documentation and work practices
  • 3.4 Seek specialist advice and guidance where required to interpret, analyse and apply regulatory requirements
4. Maintain knowledge of regulatory requirements
  • 4.1 Access and use systems for maintaining up-to-date information about relevant regulatory requirements
  • 4.2 Implement processes to regularly review trustee organisation’s practices and procedures against current regulatory requirements and update as necessary
No information
No information
Replaces
State Code National Code Title Type
AWF14 FNSPRT504 Apply knowledge of the regulatory environment relevant to trustee organisations Unit of competency
State Code National Code Title Type
BHX2 FNS52022 Diploma of Personal Trusts Qualification