Managing someone else's finances

Giving support to someone else with their financial affairs

There are several ways you can protect and secure a family member’s or friend’s money if they become unwell or unable to make financial decisions for themselves. The sooner you work together to safeguard their financial future, the sooner they’ll know that their interests will be properly looked after.

Want help with your own finances?

Here are your options:

Third Party Mandate

A free and simple arrangement that allows the account holder to appoint you as a third party to access only their Nationwide passbook savings accounts on their behalf. This can be set up entirely through Nationwide.

More information about a Third Party Mandate

General Power of Attorney

This allows the account holder to appoint you as their attorney to support and help them manage all or some of their accounts. A General Power of Attorney is usually best for short-term support while the account holder is still able to make their own financial decisions and if help will be needed for a longer period of time, a Lasting Power of Attorney may be more suitable.

More about General Power of Attorney

Lasting Power of Attorney

Registered with the Office of the Public Guardian, this allows the account holder to appoint you as their attorney to support and help them manage some or all of their accounts. Unlike a General Power of Attorney, this will continue beyond such time as the account holder can no longer make decisions for themselves.

More about Lasting Power of Attorney

Court of Protection Order

This is a legal document from the Court appointing you to make ongoing decisions on someone else's behalf. It is used when the account holder has lost mental capacity and no Lasting Power of Attorney has been set up.

More about Court of Protection Order
This may be right for them if they: Third party mandate General Power of Attorney Lasting Power of Attorney Court of Protection order
Just need some short-term help  Yes  Yes  No  No
Are abroad and won’t have access to their accounts  Yes  Yes  Yes  No
Are physically ill, injured or disabled  Yes  Yes  Yes  No
Are preparing for when they’ll be unable to make decisions  No  No  Yes  No
Have lost their mental capacity  No  No  Yes  Yes

Worried about financial abuse?

If someone you know is the victim of financial abuse, you can show them the UK Finance ‘It’s your money’ leaflet. Please encourage them to contact us, their bank or building society, or one of the organisations listed at the back of the leaflet.

What is financial abuse?

Useful links

The Government website

The Government website gives a useful overview of the the information you need.

Age UK

The UK’s largest charity working with older people have a great deal of additional information.

UK Finance

Guidance for people wanting to manage a bank account for someone else.

Citizens advice

Free confidential assistance is always available in 316 UK wide location.

The NHS

The NHS can offer expert guidance on these matters.

United against dementia

United against dementia can offer informed advice.

Find a legal adviser

You may also want to speak to a solicitor about all your options.