Unit of competency details

Release 

Comments 

Release 2

This version released with FNS10 Financial Services Training Package v3.0.

Unit title corrected to Administer a non-complex trust.

Release 1

This unit first released with FNS10 Financial Services Training Package v1.0

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

1. Establish the trust file

1.1. Preliminary reading of the trust establishment document to identify parameters and instructions is conducted

1.2. The trust file is created according to organisational requirements 

1.3. Deposit of trust funds is arranged

2. Provide for the ongoing management of the trust

2.1. A diary system is established to efficiently identify relevant dates 

2.2. Needs of beneficiaries for both income and capital are identified and arrangements made for an investment strategy to be prepared

2.3. Beneficiaries' profiles  are established and relevant records obtained

2.4. Regular statements of accounts are prepared and arrangement made for lodgement of tax

2.5. Applications by beneficiaries for advance of capital or income are responded to

2.6. Assets and investment strategies are reviewed periodically and appropriate changes made

Required skills 

• communication skills to:

• determine and confirm work and client requirements, using questioning and active listening as required
• provide customer service
• liaise with others, share information, listen and understand
• use language and concepts appropriate to cultural differences

• research and analysis skills for accessing, interpreting and managing information
• IT skills for accessing and using appropriate systems and databases and using internet information
• numeracy skills to make calculations and interpret and prepare financial statements
• literacy skills to:

• read and interpret documentation from a variety of sources
• prepare documentation
• record, consolidate and file information

• administrative and organisational skills, including the ability to plan and sequence work

Required knowledge 

• relevant State and Territory legislation and regulations relating to:

• wills
• trusteeships
• investment of trust assets

• basic business law for financial institutions including:

• statutory charges, taxes and other fees applicable to financial institutions
• legal parameters of the customer or financial institution relationship

• roles, responsibilities and powers of the personal trustee officer including:

• ethics
• integrity
• professionalism
• confidentiality

• how to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry
• organisational policies and procedures required in the full range of tasks covered
• products and services offered by the organisation and fees attached

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the ability to:

• assist clients in administering non-completed trusts
• prepare and interpret simple financial statements
• apply basic investigation skills such as genealogical research.

Context of and specific resources for assessment 

Assessment must ensure:

• competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
• access to and the use of a range of common office equipment, technology, software and consumables
• access to the internet for searches.

Method of assessment 

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

• evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
• verbal or written questioning on underpinning knowledge and skills
• evaluating samples of work
• accessing and validating third party reports.

Guidance information for assessment 

Organisational requirements  may include:

• professional code of conduct in the personal trustee industry including:

• applying ethical principles
• integrity
• professional attitude
• maintaining confidentiality
• meeting timelines.

Relevant dates  may include:

• dates for regular payments, such as:

• beneficiaries' vesting dates
• inspection dates
• insurance.

Beneficiaries' profiles  may include:

• recording of ages
• the nature of the trust:

• minor beneficiaries
• life tenancy.