Unit of competency Outline
Date retreived
21/07/2026 11:21 PM AWST
21/07/2026 11:21 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Administer powers of attorney or financial administration orders
Administer powers of attorney or financial administration orders
Unit of competency
National Code
FNSPRT406A
FNSPRT406A
State Code
D4300
D4300
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to administer an attorneyship or financial administration order by carrying out all procedures in accordance with relevant organisational and legal requirements, and ensuring that the client is treated in an ethical and sensitive manner regarding their issues and need for confidentiality.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Initiate the appropriate processes
- 1.1. Preliminary reading of attorneyship document, financial administration order or court order is undertaken to establish parameters of role and instructions previously taken
- 1.2. Interactions with client and or relevant advisers are undertaken and special needs acknowledged and potential conflicts identified and strategies for appropriate action clearly communicated where required
2. Identify the client's assets and liabilities
- 2.1. Client's assets are ascertained promptly and relevant information and documents obtained and checked with steps taken to ensure that property is adequately insured and secured
- 2.2. Confirmation of liabilities is sought and an accurate valuation of assets obtained and assets weighed against liabilities
- 2.3. Statement of assets and liabilities is prepared and any contingencies identified
3. Manage administration requirements
- 3.1. Client's financial needs for both income and capital are identified and a financial plan and investment strategy is prepared
- 3.2. Regular and periodic payments are established
- 3.3. Taxation file is established with the Australian Taxation Office or liaison is established with the client's accountant
- 3.4. Ongoing communication channels are established with client and or relevant advisers and liaison is maintained
- 3.5. Regular statements of accounts and tax returns prepared
4. Continuously evaluate and review strategies
- 4.1. Ongoing review processes for financial plan are established and implemented
- 4.2. Assets and the investment strategy are reviewed periodically and appropriate changes made
- 4.3. Ongoing management of the client's assets is provided using procedures in accordance with relevant legal, statutory and organisational requirements, and ensuring that the client is treated in an ethical and sensitive manner with respect for confidentiality
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Interactions with client may be affected by:
client having unreasonable expectations
client not having full capacity
existence of family conflicts of interest.
Relevant advisers may include:
accountant
carers
family members
Guardianship Tribunal or equivalent
health professionals
officers of Department of Social Security.
Ongoing management of the client's assets may include:
payment of income and expenditure, and the selling or purchase of assets
properly considered advice from the client's advisers
State, interstate and legislative requirements
using taxation or financial planning specialists who may undertake tasks in some corporations.
Legal, statutory and organisational requirements may include:
State and Territory legislation and regulation relating to:
attorneyships and guardianships
partnerships
Commonwealth legislation and regulations including:
Income Tax Assessment Act
statutory requirements such as court orders
professional code of conduct in the personal trustee industry.
Ethical and sensitive manner is:
in accordance to the professional code of conduct in the personal trustee industry including:
ethical practices
integrity
professionalism
confidentiality.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Interactions with client may be affected by:
client having unreasonable expectations
client not having full capacity
existence of family conflicts of interest.
Relevant advisers may include:
accountant
carers
family members
Guardianship Tribunal or equivalent
health professionals
officers of Department of Social Security.
Ongoing management of the client's assets may include:
payment of income and expenditure, and the selling or purchase of assets
properly considered advice from the client's advisers
State, interstate and legislative requirements
using taxation or financial planning specialists who may undertake tasks in some corporations.
Legal, statutory and organisational requirements may include:
State and Territory legislation and regulation relating to:
attorneyships and guardianships
partnerships
Commonwealth legislation and regulations including:
Income Tax Assessment Act
statutory requirements such as court orders
professional code of conduct in the personal trustee industry.
Ethical and sensitive manner is:
in accordance to the professional code of conduct in the personal trustee industry including:
ethical practices
integrity
professionalism
confidentiality.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
undertake relevant tasks associated with carrying out terms of attorneyship or financial administration orders
apply conflict resolution skills to recognise potential conflict, and use strategies to defuse the situation and use customer service strategies that allow for customers' needs to be assessed and responded to, to ensure maximum customer satisfaction
use standard and non-standard clauses, and conventions in drafting letters and documents
correctly interpret effects on behaviour of different intellectual capacities, and mental and physical disabilities
use organisational technology to produce documents relating to carrying out terms of attorneyship or financial administration order
prepare and interpret financial statements, and perform financial calculations
use investigation skills such as genealogical research.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to appropriate legislation and regulations relevant to attorneyship and financial administration orders, workplace manuals and reference material such as company policy, procedural manuals and checklists.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing simulations or scenarios
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
undertake relevant tasks associated with carrying out terms of attorneyship or financial administration orders
apply conflict resolution skills to recognise potential conflict, and use strategies to defuse the situation and use customer service strategies that allow for customers' needs to be assessed and responded to, to ensure maximum customer satisfaction
use standard and non-standard clauses, and conventions in drafting letters and documents
correctly interpret effects on behaviour of different intellectual capacities, and mental and physical disabilities
use organisational technology to produce documents relating to carrying out terms of attorneyship or financial administration order
prepare and interpret financial statements, and perform financial calculations
use investigation skills such as genealogical research.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to appropriate legislation and regulations relevant to attorneyship and financial administration orders, workplace manuals and reference material such as company policy, procedural manuals and checklists.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing simulations or scenarios
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS72 | FNSPRT406 | Administer powers of attorney or financial administration orders | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D712 | FNS41311 | Certificate IV in Personal Trust Administration | Qualification |