NSW Trustee and Guardian is my financial manager

A budget is the plan we make to outline how your money will be spent over the year.

• It outlines all of your income and expenses, including:
• fixed expenses (costs that don’t change regularly like rent, electricity and telephone)
• personal expenses (for example, clothing, entertainment, holidays, other activities)
• unplanned expenses (for example, medical costs or replacing something that breaks).
• Your fixed expenses are always paid first.
• We review and make a new budget every year, however if your circumstances change unexpectedly, the budget can be reviewed sooner.

How we prepare your budget

When we prepare your first budget, we review and consider the financial decisions you made before the financial management order.

Every time we make or review your budget, we will contact you, your family or guardian and other important people in your life (if appropriate) to better understand your current situation and needs.

If you don’t provide us with this information, we review what you spent in the previous year to help us plan your budget. If it’s your first budget, then we use all the information provided by your family or guardian, and other important people in your life to make your budget.

What happens if you want to spend your savings or assets

As your financial manager, we secure and protect all of your property including your money on your behalf.

When required, our specialist financial planners will review your request to access or spend your savings or cash assets by considering:

• if your request is affordable (this means you don’t need to hold on to the saving/asset for other reasons)
• your overall financial position (this means understanding all of your debts, expenses, income and savings).

If you would like to discuss your savings or assets, please speak with your Client Service Team. They can help you understand the costs and what it means for your budget.

You can contact your Client Service Team by phoning the 1300 number on your client contact card. If you don’t know the 1300 number, contact us.

As your financial manager, we work with you to make financial decisions on your behalf.

The decisions we make are called ‘substitute decisions’. They have the same effect as if you had made the decision yourself.

Decisions about your money will always be made in your best interests to promote your independence, increase your quality of life and maintain your relationships with friends, family and the community.

• your views
• your immediate and long-term needs  
• your money and assets available  
• requests, plans and objectives of your guardian (if you have one)
• your previous, current and future lifestyle wishes
• views of your family, where appropriate
• your family commitments or obligations  
• any arrangements you made when you were making your own financial decisions
• the views of an authorised visitor, if available
• any other relevant factors.

We also need you to provide us with information, including details of:

• things you own (assets)
• things you owe (debts or liabilities)
• any superannuation and insurance policies you have
• big or important purchases you would like to make.

If your goal is to look after your own money, we’re here to help you. You might be able to practice managing certain amounts of your money, such as your pension.

You may wish to make an application to start managing some of your own money if you can:

• demonstrate how you plan to manage your money independently (by yourself) such as:
  • providing copies of recent bills that have been paid
  • providing copies of recent bank account statements that show payment of debts
  • providing a copy of your budget.
• get written support from your doctor, psychologist or social worker.

It is important to firstly discuss your application with your Client Service Team and the important people supporting you so that you are confident that you understand everything involved.

We may do a trial period first. If you successfully manage some of your money, you may be able to apply to have your financial management order reviewed.

If we approve your application to manage some of your money, it will usually be granted for 12 months.

However, if you have difficulties we will need to review how your money is looked after.

If you believe you can manage your financial affairs on your own, you can apply for a review of your financial management order from the court or tribunal who issued the order.

Financial Management Common Fund

The Financial Management Common Fund is made up of funds owned by customers whose financial affairs are directly managed by us, as well as the funds of many customers whose affairs are managed by a private manager.

NSW Trustee and Guardian is responsible for management of the Financial Management Common Fund.

We outsource elements of the fund’s investment management to Blackrock Investment Management Australia, which is part of the world’s largest fund manager, the Blackrock group.

Citigroup Pty Ltd is the master custodian for the custody, compliance, transfer and accounting functions of the Common Fund.

The Financial Management Common Fund is split into the Access Fund and two diversified investment funds.

Access Fund 

The Access Fund is an interest-bearing, working account for customer transactions.

It invests money on behalf of customers in cash and short-term money market securities. Interest is calculated on the closing daily balance of the account and paid at the end of December and June. 

The accounts of customers that make up this fund are similar to standard retail bank accounts, through which every day banking transactions happen, including receiving and paying money. 

Diversified investment funds 

NSW Trustee and Guardian’s funds management program supports our customers’ investments to be diversified to reflect the amount of money available for investment, and the amount of money available for their individual needs.

The structure of the two investment funds provides customers with access to a full range of asset classes, allowing for appropriate diversification and risk management.
 

Requests for an internal review of a decision must be made in writing to the Customer Resolutions Coordinator within 28 days of being informed of the decision:

• Mail: Customer Resolution Coordinator, NSW Trustee and Guardian, Locked Bag 5115, Parramatta NSW 2124
• Email: tagmail@tag.nsw.gov.au

When you make the request, please include your reasons for why you disagree with the decision.

The internal review will be completed by a manager not involved in making the initial decision.

If you disagree with the result of the internal review, you can ask the Administrative and Equal Opportunity Division of the NSW Civil and Administrative Tribunal (NCAT) to further review the decision.

This must be done within 28 days from the date you received the result of the internal review.

Other people can also apply for an external review of a decision, including:

• your spouse
• any other person who NCAT believe may be adversely affected by this decision.

You cannot apply for an external review if our decision was made in accordance with a direction given to us by the Supreme Court of NSW.