Assessment Requirements for FNSPRT501 Advise clients on trust structures

Release: 2

Assessment Requirements for FNSPRT501 Advise clients on trust structures

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

advise the client on suitable trust structure in compliance with legislative and organisational requirements

accurately prepare and present trust and related financial documents according to legal, industry and organisational requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe a range of client needs and circumstances relevant to trust structures

explain the key legislation and regulations relating to:

wills

trusteeships including investment and obligations of the trustees

investment of trust assets

taxation and tax obligations as they relate to the administration of trusts

describe the internal and external complaints resolution procedure

examine legal concepts and scope of law covering trusts with particular reference to:

structure of a trust

trust deed

common law duty

role and responsibilities of a trustee

types of trusts

bankruptcy and insolvency

summarise relevant social services benefits and qualification requirements including:

age

disability

unemployment provisions

describe organisational policies and procedures required when advising clients on trust structures

outline products and services offered by personal trustee organisations and fees and charges that apply

outline the role, responsibilities and authority of the senior personal trust officer including:

management and supervision responsibilities

organisational expectations

limitation of personal authority in giving investment advice

discuss the professional code of conduct, where applicable, in the personal trustee sector

explain the role of, and how and when to contact, key internal and external specialists relating to the personal trustee sector.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal trustee field of work and include access to:

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to advising clients on trust structures

organisational reference materials such as policies, procedures, manuals and checklists.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe