Explainer - How can a Trusted Contact Person help you to manage your finances?

A Trusted Contact Person – or simply a Trusted Contact – is an individual that you trust to help you manage your relationship with your bank or financial services firm. It's a simple, optional arrangement that can provide valuable support if you need it.

How does it work?

To nominate a Trusted Contact, both you and the person you've chosen must provide written consent. Your financial services firm will be able to help you through this process. Once the arrangement is in place, your Trusted Contact becomes an additional point of contact for your firm when needed.

It's important to understand that your Trusted Contact is not a legal representative and will never have the authority to make financial decisions on your behalf, or deal with your financial affairs. They are there to support and help you to engage with your financial services provider, not to take control.

When might your financial services firm contact your Trusted Contact?

Your firm may reach out to your Trusted Contact for several practical reasons, including:

• If they're having difficulty contacting you – for example, to confirm your current contact details or to check if there's a reason they can't reach you (such as a temporary health issue)
• If they have concerns about possible financial abuse – your Trusted Contact can help to verify your wellbeing
• To confirm important details – such as  current contact information, or the identity of any third party with formal authority over your affairs (like a legal guardian or executor). 

What information can be shared with your Trusted Contact?

Your firm can only share confidential information about you with your Trusted Contact if you have consented to this in writing and only where it is necessary to do so. Your privacy is protected, and information sharing is limited and controlled.

Why should you consider nominating a Trusted Contact?

Nominating a Trusted Contact can be helpful if you want an extra layer of support in your dealings with financial firms. It's particularly useful if you sometimes find it difficult to engage with your financial services provider, or if you'd like someone you trust to be aware of your financial arrangements.

Getting started

If you're interested in nominating a Trusted Contact, speak to your financial services firm. They will explain the process and help you set it up. Remember, it's completely optional – the choice is yours.

Alternative decision-making support arrangements

If you need support or assistance with making decisions, there are more formal support arrangements that can be used under the Assisted Decision-Making (Capacity) Act. Formal supports should only be put in place at the lowest level necessary to support your decision-making autonomy. Such arrangements include: 

• A decision-making assistant
• A co-decision maker
• A decision-making representative appointed by the court
• An attorney appointed under an enduring power of attorney. 
  

These arrangements are quite different to appointing a Trusted Contact, and they can give the nominated person more legal authority and access to confidential information than a Trusted Contact would generally have – depending on the scope of the arrangement. If you have more formal arrangements in place, or they are put in place in the future, it will not be necessary to also have a Trusted Contact

For more information on formal decision-making supports, you can contact the Decision Support Service.

The Consumer Protection Code: For clarity, for informed decision-making, for you.

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