Third party authority to access client accounts

As an authorised third party you will have increased access to a client’s account. Your access will depend on your granted level of authority. This is chosen by the account holder when they register you for third party authority.

Registering someone for third party authority gives them significant access to an account only you or your client would view otherwise. Your client can choose to register an individual, a financial services professional or company.

The level of authority chosen will depend on which third party type your client appoints. These levels are:

• Individual
  • View Authority
  • Authorised Signatory – applicable only to certain account or roles
• Financial Services Professionals
  • View Authority
  • Accelerator Account Transfer Authority
• Financial Services Company
  • View Authority
  • General Withdrawal Authority
  • Tax Payment Authority
  • Financial Services Debit Authority
  • Accelerator Account Transfer Authority
  • Term Deposit Authority

Your client will need to complete a third party authority form. These forms allow your client to:

• Grant third party authority to
  • An individual
  • A financial services professional or company
• Cancel any pre-existing third party authority

Authorised signatory authority is not available on the Cash Management Accelerator Account, except in specific circumstances. To learn more about the Cash Management Accelerator Account, please read the terms and conditions.

Select the view authority option if your client wants their partner to see their account and transactions details. This can be requested using the Third Party Authority form.

If your client wants to give the ability to authorise transactions on their account to their partner, they’ll need to have a power of attorney arrangement in place. This is because of the inherent risk associated with granting someone more power of your finances. See Power of Attorney section below for more details.

Anyone over the age of 18 may appoint an attorney. This process is known as Power of Attorney. It simply grants them the legal authority to look after someone else’s financial affairs. Through a solicitor you can set up one of two types of Power of Attorney:

• General – Allows the attorney to manage affairs under the client’s instruction and while they are of sound capacity
• Enduring – Allows the attorney to make legal and financial decisions on behalf of the client if the can no longer make decisions on their own. This usually applies to those with temporary or permanent illnesses.

If your client’s chosen third party doesn’t have access to Wrap then they will need to complete a Wrap third party registration form. Note that this form must be signed by the third party and not your client.

You can find the appropriate third party forms by following the below steps:

1. Go to Adviser Tools
2. Search for third party in the search bar.

The account holder can revoke your level of authority at any time. If you've lost access to accounts which you had access to before, you may have had your access revoked. Third parties can't revoke the access of other parties.

For direction on how to complete the CMA Third Party Authority forms, and information on the required documents, please read ‘Guide to completing CMA Third Party Authority forms’ on our Personal Help Centre.