Administer powers of attorney and financial administration orders

Unit of competency Outline

Date retreived
22/07/2026 3:00 PM 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.

Unit of competency

National Code
FNSPRT416

State Code
OEC86

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

Description

This unit describes the skills and knowledge required establish, administer, and evaluate powers of attorney and financial administration orders that are in the best interest of clients.The unit applies to administrators in the personal trustee sector who manage the administration requirements of powers of attorney and financial orders.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 requirements of administrative document

1.1 Identify and analyse previous instructions and legal, administrative and other supporting documents to establish parameters of role
1.2 Examine the power of attorney or the financial order and determine the instructions or directions involved
1.3 Identify and develop strategies for appropriate action to be taken in line with particular circumstances and to resolve potential conflicts during interactions with client

2. Identify client’s assets and liabilities

2.1 Identify client’s assets and confirm required information and documents are obtained and checked
2.2 Arrange for any real property to be adequately insured and physically secured, as required
2.3 Identify client’s liabilities and obtain accurate valuation of assets weighed against liabilities
2.4 Prepare and make a record of a statement of assets and liabilities according to organisational requirements

3. Manage administration requirements

3.1 Determine appropriate actions to undertake documented instructions while maintaining client’s best interest
3.2 Identify client’s financial needs for both income and capital and prepare financial plan and investment strategy with assistance of financial advisers, as required
3.3 Confirm that regular and periodic payments are established
3.4 Establish taxation file with Australian Taxation Office (ATO) and prepare regular statements of accounts and tax returns or liaise with client’s accountant where relevant
3.5 Establish an ongoing communication channel for client and other relevant advisers or stakeholders
3.6 Respond to client enquiries as required according to organisational policies and procedures

4. Establish process for continuously evaluating and reviewing strategies

4.1 Establish and implement ongoing review process of financial plan
4.2 Establish process to review assets and investment strategy periodically and make appropriate changes, ensuring changes are in client’s best interest
4.3 Implement process to provide ongoing management of client’s assets according to legislative and organisational requirements ensuring that client’s interest is protected
4.4 Confirm that there is certifiable evidence on any request to handover the appointment

No information

Replaces

State Code	National Code	Title	Type
AUS72	FNSPRT406	Administer powers of attorney or financial administration orders	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