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Evidence Guide: FNSPRT505 - Develop and maintain knowledge of financial services and assets

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSPRT505 - Develop and maintain knowledge of financial services and assets

What evidence can you provide to prove your understanding of each of the following citeria?

Analyse financial services and assets

  1. Determine the purpose of the financial services offered by the trustee organisation
  2. Examine the characteristics of the financial services offered by the trustee organisation
  3. Examine the characteristics of the assets managed by the trustee organisation
Determine the purpose of the financial services offered by the trustee organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Examine the characteristics of the financial services offered by the trustee organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Examine the characteristics of the assets managed by the trustee organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and apply regulatory requirements

  1. Identify financial services provided by the trustee organisation that are subject to regulatory requirements
  2. Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation
Identify financial services provided by the trustee organisation that are subject to regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain knowledge of financial services and assets

  1. Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation
  2. Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation
  3. Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets
Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Analyse financial services and assets

1.1 Determine the purpose of the financial services offered by the trustee organisation

1.2 Examine the characteristics of the financial services offered by the trustee organisation

1.3 Examine the characteristics of the assets managed by the trustee organisation

2. Identify and apply regulatory requirements

2.1 Identify financial services provided by the trustee organisation that are subject to regulatory requirements

2.2 Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation

3. Maintain knowledge of financial services and assets

3.1 Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation

3.2 Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation

3.3 Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Analyse financial services and assets

1.1 Determine the purpose of the financial services offered by the trustee organisation

1.2 Examine the characteristics of the financial services offered by the trustee organisation

1.3 Examine the characteristics of the assets managed by the trustee organisation

2. Identify and apply regulatory requirements

2.1 Identify financial services provided by the trustee organisation that are subject to regulatory requirements

2.2 Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation

3. Maintain knowledge of financial services and assets

3.1 Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation

3.2 Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation

3.3 Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets

Evidence of the ability to:

list and describe financial services offered and assets managed by trustee organisation

research and apply current regulatory requirements in relation to financial services offered and assets managed by trustee organisation for clients

access and use systems and sources of information to maintain knowledge on financial services offered and assets managed by trustee organisation.

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 the different traditional trustee financial services offered by a trustee organisation including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering powers of attorney

acting as guardian or financial manager, usually under court or tribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

describe the different assets managed or used by a trustee organisation including:

superannuation

real estate

common funds

direct shares

managed investment schemes

bonds

life insurance

cash investments

explain elements of the key regulatory requirements of a trustee organisation that offers financial services and manages assets including:

Corporations Act 2001

state based trustee acts

public trustee acts

prudent person principle including diversification, investment risks including losing capital or income, capital maintenance, capital depreciation, capital appreciation, estimated income return, liquidity and marketability of the proposed investment and aggregate value of estate in trust

outline key sources of information on financial services offered and assets managed by the trustee organisation including:

product disclosure statements

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

Financial Ombudsman Service (FOS)

industry bodies.