Help & FAQs

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:

• Physical or mental illness
• Cognitive impairment or disability
• Extended travel

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.

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.

• You may cancel the authority at any time by advising CommSec.
• The authorised person will have access to either view, or view and transact on the nominated account(s).
• The authorised person won’t have authority to open new accounts.
• The authority will be cancelled if CommSec becomes aware that you can no longer manage your financial affairs.

There are some limitations and risks to consider when giving someone access to your accounts:

• You’re giving someone the ability to view and/or transact on your behalf, increasing your exposure to the risk of financial abuse
• If a financial management order is issued this cancels any additional authority previously authorised by the account holder.
• CommSec does not allow for financial advisors to have trade authority on retail accounts. If you wish to add a financial advisor, they can be given View Only access.

To give an additional authority access to your account, you’ll need to:

• Complete the Additional Authority Form.

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:

• General Power of Attorney (non-enduring)
• Enduring 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:

• Appointing someone to buy or sell real estate or trade shares
• While you’re away for a period, e.g. holiday or career break

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:

• Planning for future incapacitation due to illness or injury
• In anticipation of losing the ability to manage your financial affairs

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 the account holder, you'll continue to be able to access and transact on your own accounts, so long as you have the decision-making and legal capacity to do so
• A General Power of Attorney is only effective while you're able to make and communicate decisions for yourself
• If a Financial Management Order is issued, this voids and cancels any General or Enduring Power of Attorney held

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:

• 1. A certified copy of the Power of Attorney document – the certification must be completed on every page, and be within the last 12 months
• 2. Additional Authority form completed by the attorney

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

• An application for a Financial Management Order (also known in some states and territories as an administration 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.

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:

• Must be 18 or older
• Can be a close relative, trusted family friend or a public trustee
• Will be authorised to manage all financial affairs

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:

• 1. A certified copy of the Power of Attorney document – the certification must be completed on every page, and be within the last 12 months
• 2. Additional Authority form completed by the attorney

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 9115 1417 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.