Unit of competency Outline

Date retreived
23/07/2026 4:45 AM 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.

Apply knowledge of the regulatory environment relevant to trustee organisations

Apply knowledge of the regulatory environment relevant to trustee organisations

Unit of competency
National Code
FNSPRT504
State Code
AWF14
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 research and analyse the regulatory requirements applicable to trustee organisations and to apply this knowledge in the provision of products and services 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, the Corporations Act (Commonwealth) and relevant state and territory legislation.
Notes
Elements and Performance Criteria
1. Identify regulatory requirements
  • 1.1 Research legislation that applies to a trustee organisation
  • 1.2 Identify the 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. Analyse regulatory issues and risks for a trustee organisation
  • 2.1 Identify and evaluate the regulatory and broader risks for a trustee organisation
  • 2.2 Apply risk mitigation strategies to assist in compliance with regulatory requirements
3. Apply knowledge of regulatory requirements
  • 3.1 Research and apply relevant trustee organisation policies and procedures to day-to-day work
  • 3.2 Provide trustee organisation's products and services to clients according to regulatory and organisational requirements
  • 3.3 Incorporate regulatory and organisational requirements into relevant 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 Review trustee organisation's practices and procedures against current regulatory requirements and update as necessary
No information
No information
State Code National Code Title Type
AZJ5 FNS52015 Diploma of Personal Trusts Qualification