Unit of competency Outline

Date retreived
21/07/2026 11:51 PM AWST

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Administer powers of attorney or financial administration orders

Administer powers of attorney or financial administration orders

Unit of competency
National Code
FNSPRT406
State Code
AUS72
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
2.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
50
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D4300 FNSPRT406A Administer powers of attorney or financial administration orders Unit of competency
Replaced By
State Code National Code Title Type
OEC86 FNSPRT416 Administer powers of attorney and financial administration orders Unit of competency