Unit of competency Outline

Date retreived
22/07/2026 6:27 AM AWST

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Develop and maintain knowledge of financial services and assets

Develop and maintain knowledge of financial services and assets

Unit of competency
National Code
FNSPRT505
State Code
AWF13
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
55
Description
This unit describes the skills and knowledge required to develop and maintain knowledge of the financial services and assets offered or used by a trustee organisation.It applies to individuals who work within a trustee organisation, provide financial services and manage assets appropriately for their clients. These individuals are employed by trustee organisations that may be 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. Analyse financial services and assets
  • 1.1 Determine the purpose of the financial services offered by the trustee organisation
  • 1.2 Examine the characteristics of the financial services offered by the trustee organisation
  • 1.3 Examine the characteristics of the assets managed by the trustee organisation
2. Identify and apply regulatory requirements
  • 2.1 Identify financial services provided by the trustee organisation that are subject to regulatory requirements
  • 2.2 Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation
3. Maintain knowledge of financial services and assets
  • 3.1 Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation
  • 3.2 Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation
  • 3.3 Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets
No information
No information
Replaced By
State Code National Code Title Type
OEB88 FNSPRT515 Develop and maintain knowledge of financial services and assets Unit of competency
State Code National Code Title Type
AZH6 FNS42215 Certificate IV in Personal Trust Administration Qualification
AZJ5 FNS52015 Diploma of Personal Trusts Qualification