An application for a financial management order is usually made by someone with a genuine concern for the welfare of a person (known legally as a “protected person”) who is unable to manage their own financial affairs. In most cases this is a family member, friend, social worker or healthcare professional. In some states and territories, this is also known as an administration order.
A financial manager is then appointed to manage the person’s finances, and they may have limited or no access to their own account while a financial management order is in place.
Financial management orders are generally appointed by a tribunal. The appointed person:
The financial management order must be brought into a branch. You may need to complete some additional paperwork while you’re in the branch.
Normally the appointed financial manager is setting up the financial management order on behalf of the account holder, so the account holder won’t need to attend the branch.
The information provided here is general only – each state and territory has different applications for powers of attorney and financial management orders. There are a range of external support services available that can help you understand and make decisions in relation to authorities and managing your financial affairs in your state or territory.
This information is general guidance only. There are some other authorities available only in certain states (e.g. Victoria).