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Unit of competency details

FNSPRT415 - Prepare and establish powers of attorney (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSPRT405 - Establish powers of attorney or financial administration ordersSupersedes and is equivalent to FNSPRT405 Establish powers of attorney or financial administration orders. 14/Jun/2022

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 15/Jun/2022

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 081105 Investment And Securities  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 081105 Investment And Securities  15/Jun/2022 
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Unit of competency

Modification History

Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSPRT405 Establish powers of attorney or financial administration orders.

Application

This unit describes the skills and knowledge required to advise and establish the appointment of a power of attorney according to client instruction and legislative and organisational requirements.

The unit applies to individuals who work as administrators in the personal trustee sector and prepare and execute powers of attorney.

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.

Unit Sector

Personal trustees

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Advise client on legal requirements of establishing appointment of power of attorney

1.1 Determine client’s circumstances and objectives for appointment of a power of attorney

1.2 Explain to client the types of powers the attorney holds

1.3 Present and clarify legislative requirements regarding attorney appointment

1.4 Present and clarify products and services relevant to client’s circumstances and their estate, including fees and charges

1.5 Respond to client’s questions regarding preparation of appointment

1.6 Confirm client’s understanding of the legislative requirements of the attorney appointment and types of powers the attorney holds

2. Take instructions on behalf of client in relation to appointment

2.1 Assess and confirm testamentary capacity of client according to legislative and organisational requirements, obtaining legal or medical opinion as required

2.2 Record instructions of client and establish details of powers of attorney

2.3 Provide client with ethical advice, recommendations and options relating to power of attorney that comply with legislative requirements

3. Prepare, confirm and execute appointment

3.1 Prepare a draft power of attorney according to client instructions and legislative requirements

3.2 Discuss and verify power of attorney with client

3.3 Arrange and confirm execution according to the power of attorney and legislative and organisational requirements

3.4 Organise and advise client of record-keeping, safe storage and review of power of attorney according to organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL 

DESCRIPTION 

Oral communication
  • Articulates clearly using vocabulary suitable to audience to convey or request information
  • Uses active listening, questioning and reading of non-verbal signals to clarify information and confirm understanding

Reading
  • Critically analyses documentation from a variety of sources and records and consolidates information to determine requirements

Writing
  • Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols

Problem solving
  • Identifies and acts on issues that contravene relevant policies, procedures and legal requirements

Planning and organising
  • Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes

Technology
  • Uses the main features and functions of digital systems and technologies to enter, store and access information

Unit Mapping Information

Supersedes and is equivalent to FNSPRT405 Establish powers of attorney or financial administration orders.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSPRT405 Establish powers of attorney or financial administration orders.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • establish powers of attorney or financial administration orders for at least two different clients.

In the course of the above, the candidate must:

  • advise and confirm client’s understanding of the preparation of the appointment
  • assess testamentary capacity of client and make accurate records of client instructions.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • key requirements of legislation and regulations relating to powers of attorney
  • tests applied to establish a client’s legal capacity to make a valid appointment
  • tests applied to establish the validity of an appointment
  • types of power of attorney appointments, including:
  • general
  • enduring
  • limited
  • organisational policies and procedures relating to establishing a power of attorney
  • products and services offered by personal trustee organisations and fees and charges that apply
  • role, responsibilities and powers of the personal trust officer, including:
  • organisational expectations
  • limitation of personal authority in not giving investment advice
  • role played by, and procedures for, internal or external specialists relating to personal trustee sector
  • professional code of conduct, in the personal trustee sector.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • office equipment, technology, software and consumables
  • organisational policies and procedures, legislation and regulations relevant to preparing and establishing powers of attorney.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

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