Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSPRT406 Mapping and Delivery Guide
Administer powers of attorney or financial administration orders

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSPRT406 - Administer powers of attorney or financial administration orders
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to carry out all procedures in accordance with relevant organisational and legal requirements and to ensure that the client’s best interest is upheld at all times when administering powers of attorney or financial administration orders.It applies to individuals who are proficient administrators in the personal trustee sector. They may identify client assets and liabilities and prepare tax returns and financial statements on behalf of the client.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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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 attorneyship and financial administration orders

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.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Establish requirements of administrative document
  • Examine legal administrative document to establish parameters of role and in accordance with previous instructions
  • Confirm instructions contained within document and identify any other relevant advisers
  • Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client
  • Determine appropriate actions to undertake instructions provided in documentation
       
Element: Identify client’s assets and liabilities
  • Promptly determine client’s assets and ensure all relevant information and documents are obtained and checked
  • Take steps to ensure that any real property is adequately insured and physically secured, if required
  • Seek confirmation of liabilities and obtain accurate valuation of assets weighed against liabilities
  • Prepare statement of assets and liabilities
       
Element: Manage administration requirements
  • 3.1 Identify client's financial needs for both income and capital, and prepare financial plan and investment strategy, with assistance of financial advisers where required
  • Ensure that regular and periodic payments are established
  • Establish taxation file with Australian Taxation Office (ATO) or liaise with client’s accountant where relevant
  • Establish and maintain ongoing communication channels with client and/or relevant advisers
  • 3.5 Prepare regular statements of accounts and tax returns or liaise with client's accountant where relevant
       
Element: Continuously evaluate and review strategies
  • Establish and implement ongoing review of financial plan
  • Review assets and investment strategy periodically and make appropriate changes
  • Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements, and ensuring that client is treated in ethical and sensitive manner
       
Element: Identify client’s assets and liabilities
  • Identify client’s assets and ensure all relevant information and documents are obtained and checked
  • Arrange for any real property to be adequately insured and physically secured if required
  • Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities
  • Prepare and make a record of a statement of assets and liabilities according to organisational requirements
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish requirements of administrative document

1.1 Examine, previous instructions, legal, administrative and other supporting documents to establish parameters of role

1.2 Confirm instructions contained within documentation and identify any other relevant advisers or stakeholders

1.3 Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client

2. Identify client’s assets and liabilities

2.1 Identify client’s assets and ensure all relevant information and documents are obtained and checked

2.2 Arrange for any real property to be adequately insured and physically secured if required

2.3 Indentify 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 whilst 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 where required

3.3 Ensure 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 and maintain ongoing communication channels with client and other relevant advisers or stakeholders

4. Continuously evaluate and review strategies

4.1 Establish and implement ongoing review of financial plan

4.2 Review assets and investment strategy periodically and make appropriate changes

4.3 Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements ensuring that the client's interest is protected

4.4 Confirm that there is certifiable evidence on any request to handover the appointment

Evidence of the ability to:

produce organisational and legislative documents relevant to carrying out instructions of an attorneyship or financial administration order

prepare and interpret financial statements

apply conflict resolution skills to manage client expectations and any special needs

determine appropriate actions to administer the instructions in the client's best interest within parameters of role

review the appropriateness of the financial plan in meeting client's needs.

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

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

describe tasks associated with carrying out instructions contained within attorneyship or financial administration orders

explain the factors that must be considered when establishing the client's income and capital needs

describe the different types of potential conflicts and special needs that may arise when interacting with clients including effects on behaviour of different intellectual capacities and mental and physical disabilities

explain the key requirements of relevant legislation and regulations including:

taxation and tax obligations as they relate to the administration of the appointment as attorney or financial administrator

financial services legislation relating to powers of attorney, guardianship and administration

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

describe organisational policies and procedures required when administering powers of attorney or financial administration orders

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

organisational expectations

limitation of personal authority in giving investment advice

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

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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish requirements of administrative document

1.1 Examine, previous instructions, legal, administrative and other supporting documents to establish parameters of role

1.2 Confirm instructions contained within documentation and identify any other relevant advisers or stakeholders

1.3 Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client

2. Identify client’s assets and liabilities

2.1 Identify client’s assets and ensure all relevant information and documents are obtained and checked

2.2 Arrange for any real property to be adequately insured and physically secured if required

2.3 Indentify 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 whilst 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 where required

3.3 Ensure 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 and maintain ongoing communication channels with client and other relevant advisers or stakeholders

4. Continuously evaluate and review strategies

4.1 Establish and implement ongoing review of financial plan

4.2 Review assets and investment strategy periodically and make appropriate changes

4.3 Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements ensuring that the client's interest is protected

4.4 Confirm that there is certifiable evidence on any request to handover the appointment

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Examine legal administrative document to establish parameters of role and in accordance with previous instructions 
Confirm instructions contained within document and identify any other relevant advisers 
Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client 
Determine appropriate actions to undertake instructions provided in documentation 
Promptly determine client’s assets and ensure all relevant information and documents are obtained and checked 
Take steps to ensure that any real property is adequately insured and physically secured, if required 
Seek confirmation of liabilities and obtain accurate valuation of assets weighed against liabilities 
Prepare statement of assets and liabilities 
3.1 Identify client's financial needs for both income and capital, and prepare financial plan and investment strategy, with assistance of financial advisers where required 
Ensure that regular and periodic payments are established 
Establish taxation file with Australian Taxation Office (ATO) or liaise with client’s accountant where relevant 
Establish and maintain ongoing communication channels with client and/or relevant advisers 
3.5 Prepare regular statements of accounts and tax returns or liaise with client's accountant where relevant 
Establish and implement ongoing review of financial plan 
Review assets and investment strategy periodically and make appropriate changes 
Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements, and ensuring that client is treated in ethical and sensitive manner 
Identify client’s assets and ensure all relevant information and documents are obtained and checked 
Arrange for any real property to be adequately insured and physically secured if required 
Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities 
Prepare and make a record of a statement of assets and liabilities according to organisational requirements 

Forms

Assessment Cover Sheet

FNSPRT406 - Administer powers of attorney or financial administration orders
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSPRT406 - Administer powers of attorney or financial administration orders

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: