Can I give someone access to my CommSec account?
CommSec can provide you with a secure way to give someone you trust (such as a family member) access to your CommSec account. CommSec can also provide you with a way to authorise someone to manage your financial affairs on your behalf (such as a Power of Attorney).
When you give someone access to your CommSec account, we refer to this as appointing an authority.
In this guide:
What are the risks of appointing an authority?
If you choose to appoint an authority, make sure you stay aware of the authority’s activity on your account by regularly checking your statements, transactions, and contract notes.
Giving someone access to your CommSec account increases your risk of financial abuse and fraud.
There is a risk that your authority may misuse their access for their own benefit and/or may transact on your account in a way that disadvantages you.
Here are some steps to help you protect yourself:
- Think carefully about who you give authority to
- Talk to a trusted advisor before granting authority
- Don't grant more access than required
- If you have any concerns or reservations, don't do it
You can request that account access be removed from authorities at any time by contacting us.
Understanding the different types of authorities
Additional Authority
An additional authority gives another person access to your nominated CommSec trading account(s).
- You can choose to give your authority ‘View and Transact’ access, meaning your authority will be able to trade on your CommSec account, or ‘View Only’ access, meaning your authority will be able to view information about your CommSec account but won’t be able to trade.
- Your authority won’t be able to open new accounts on your behalf or change any of your details.
- You can cancel the authority, or change your authority to ‘View Only’, at any time by contacting CommSec.
- CommSec may cancel the authority or remove the authority level if we become aware that you can no longer manage your financial affairs, if we consider it necessary to manage our risk, or if a Power of Attorney or Financial Management Order is applied to your account.
- Unlike a Power of Attorney, an additional authority does not confer any legal power on your authority to act on your behalf outside of accessing your nominated CommSec trading account(s).
Keep in mind
Giving someone the ability to view and/or transact on your behalf increases your exposure to fraud and financial abuse.
How do I apply for an Additional Authority?
To give an additional authority access to your account, you’ll need to complete the Additional Authority Form.
You can submit your form by using one of the following methods:
Email: Accountmaintenance@commsec.com.au
Post: CommSec, Locked Bag 22, Australia Square NSW 1215
Power of Attorney
A Power of Attorney is a formal document that gives a person or persons you trust (attorneys) the legal authority to act for you (principal) in financial and legal matters. This means an attorney will be able to access your accounts and trade on your behalf, complete any actions that you would be able to complete, and sign on your behalf.
There are two types of Power of Attorney:
General Power of Attorney (POA)
- A temporary formal agreement which may be put in place for a specific purpose, for example, while you're away for a period of time.
- A POA will be revoked if CommSec is made aware that you're no longer capable of making decisions or if you're no longer legally capable of managing your financial affairs.
Enduring Power of Attorney (EPOA)
- A lasting, formal agreement which may be put in place to manage future changes to your circumstances.
- An EPOA will continue to be in effect even if you're no longer capable of making decisions.
- You can elect for an EPOA to only come into effect after you lose decision-making capacity.
Keep in mind
There are some important things to note when considering appointing a Power of Attorney:
- As the account holder, you'll maintain access and the ability to 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 Managment Order is issued, this voids and cancels any General or Enduring Power of Attorney appointments.
Attorney obligations & responsibilities
Attorneys are 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, the attorney will 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.
How do I appoint a Power of Attorney?
A Power of Attorney can be lodged by sending the below documents to CommSec:
1. A certified copy of the Power of Attorney document. The certification must be completed on every page and been completed within the last 12 months, and
2. An Additional Authority Form completed by the attorney.
These documents can be sent to CommSec using one of the following methods:
Email: Accountmaintenance@commsec.com.au
Post: CommSec, Locked Bag 22, Australia Square NSW 1215
Financial Management Order
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.
How do I lodge a Financial Management Order?
You can lodge a Financial Management Order by sending the following documents to CommSec:
1. A certified copy of the Financial Management Order document. This certification must be completed on every page, and completed within the last 12 months, and
2. An Additional Authority Form completed by the financial manager.
You can submit your form using one of the following methods:
Email: Accountmaintenance@commsec.com.au
Post: CommSec Locked Bag, 22 Australia Square NSW 1215
We’re here to help
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.
