Throughout your life, there may be circumstances when you wish to grant access to an account or authorise someone to manage your financial affairs on your behalf. Alternatively, you may be helping a loved one who is no longer physically or legally capable of making their own financial decisions.
The reasons can be complex and varied, but may include:
Authorising access to your accounts and financial affairs increases your exposure to the risk of financial abuse and fraud.
For more information on financial abuse, the signs to look out for, and who to contact if you feel you've been a victim of financial abuse, please visit our financial support guide.
It's important that you only give authority to someone you trust.
Be sure to seek advice when considering designating an authority over your accounts or financial affairs as there are a range of different options. Before authorising someone to trade on your behalf, you’ll first need to understand what option is right for you.
1. Additional Authority: Gives another person access to your nominated trading accounts. This is set up though the completion of an additional authority form.
2. General Power of Attorney (non-enduring): Allows someone to make legally binding and financial decisions on your behalf. This can be for a period of time or a particular purpose. We suggest you seek advice before entering into this type of authority.
3. Enduring Power of Attorney: Similar to a General Power of Attorney, however, it can come into effect or continue if you lose capacity to make your own decisions. We suggest you seek advice before entering into this type of authority.
4. Financial Management Order (also known as an administration order) – generally appointed by a tribunal when a person is unable to make their own decisions.
An additional authority gives another person or persons access to one or more of your trading accounts.
You can only authorise access to your accounts if you fully understand the nature and implication of the authority you’re giving.
There are some limitations and risks to consider when giving someone access to your accounts:
To give an additional authority access to your account, you’ll need to:
You can submit your form by one of the following methods:
Email: You may email your request to Accountmaintenance@commsec.com.au
Post: CommSec Locked Bag, 22 Australia Square NSW 1215
A Power of Attorney is a formal document where a person, known as the principal or donor, gives the legal authority to someone to look after their financial affairs. This authority ceases should the principal pass away.
You can only appoint an attorney if you fully understand what you’re getting into and are capable of making your own decisions.
There are two types of power of attorney:
A General Power of Attorney allows you to appoint one or more people (attorneys) to make legally binding and financial decisions on your behalf.
The authority will be revoked if you're no longer capable to make decisions, or you're no longer legally capable to manage your financial affairs.
A General Power of Attorney may be useful if you wish to put in place a temporary formal arrangement, for a specific purpose such as:
An Enduring Power of Attorney allows you to appoint one or more people (attorneys) to make legally binding and financial decisions on your behalf. Your appointed attorney(s) can continue making financial decisions if you're no longer capable to make decisions, or you’re no longer legally capable to manage your financial affairs.
You can elect for an Enduring Power of Attorney to only come into effect or begin after you lose decision-making capacity and you become legally incapable of making your own decisions.
An Enduring Power of Attorney should be used to put a lasting formal arrangement in place, including:
If you don’t have an Enduring Power of Attorney in place and you lose capacity to make and communicate decisions for yourself, the chance to appoint someone yourself no longer exists and a financial management order will be required.
There are some limitations and risks to consider with Powers of Attorney:
As an attorney, you're required to inform CommSec of any changes in respect to the principal (account holder).
If, for example, the principal (account holder) loses their capacity to make decisions, you'll need to provide CommSec with written evidence of this from a medical practitioner. The principal (account holder) will retain all account access, and will be able to revoke and cancel a power of attorney, until you provide CommSec with such evidence.
You can lodge a Power of Attorney by sending:
You can submit your form by one of the following methods:
Email: You may email your request to Accountmaintenance@commsec.com.au
Post: CommSec Locked Bag, 22 Australia Square NSW 1215
A financial manager is then appointed to manage the person’s finances. While a Financial Management Order is in place, the protected person may have limited or no access to their own account.
Financial Management Orders are generally appointed by a tribunal. The appointed person:
Lodging a Financial Management Order will automatically revoke and cancel any existing Additional Authority and Power of Attorney the account holder has previously authorised.
You can lodge a Financial Management Order by sending:
You can submit your form by one of the following methods:
Email: You may email your request to Accountmaintenance@commsec.com.au
Post: CommSec Locked Bag, 22 Australia Square NSW 1215
For more information on account authorities, please contact CommSec on 13 15 19 or +61 2 8397 1206 if calling from outside Australia. We are open 8am and 6pm (Sydney time), Monday to Friday. For additional resources on financial support, including financial hardship, family and domestic violence, and financial abuse, please visit the CBA Financial Support site.