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Delivered by the New Zealand Federation of Family Budgeting Services Total Money Management An introduction to the minimum standards and their practical.

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Presentation on theme: "Delivered by the New Zealand Federation of Family Budgeting Services Total Money Management An introduction to the minimum standards and their practical."— Presentation transcript:

1 Delivered by the New Zealand Federation of Family Budgeting Services Total Money Management An introduction to the minimum standards and their practical application in NZFFBS budgeting services

2 Putting the Pieces Together

3 Objectives  To define the purposes of TMM  To understand NZFFBS minimum standards for TMM  To prepare for the development of TMM policy  To explore the management of TMM clients  To consider ramifications of TMM for services

4 What is Total Money management?  A service offered to clients who are temporarily or permanently unable to manage their finances unaided.  A transparent system by which advisers manage the financial affairs of a client subject to terms agreed to by a client and adviser.  An account operated for the client by a service into which their money is deposited and from which expenses are paid in accordance with a budget agreed between a client and adviser.

5 NZFFBS Standards for TMM  Setting up TMM – Getting the Policy and Procedural Framework right; ensuring adequate training for everyone involved  Operating TMM – ensuring everything runs in a controlled manner  Implementing TMM – ensuring need is assessed, clients are willing and education is happening  Monitoring TMM – ensuring everything is checked regularly by internal and external sources

6 NZFFBS Minimum Standards  What is the reason for this standard?  What needs to be done to comply with this standard?  What does our service need to put into place to achieve this standard? Eg personnel (training needs), time (time for each client each week), resources etc

7 NZFFBS Code of Ethics  Respect for the needs and independence of clients  Assistance without discrimination  Total confidentiality, which is never breached  An environment of co-operation and accountability  Operations that reflect Te Tiriti O Waitangi  Ongoing training support and supervision for all staff

8 TMM account management timeline  Every month - Bank statement reconciliation of the client’s account.  Every 3 months – Routine update to standard clients including written statement of account  Every 6 months – Routine update to custodial clients including written statement of account  Every 6 months (minimum) – Supervision of case manager by coordinator or other senior adviser  Every 6 months – Internal audit by non-case manager appointed by budgeting service  Every 12 months – External audit by person appointed by governance  After 7 years – Destroy records 7 years after the final date of any financial record

9 Thank you for your time Please fill out a T7 evaluation form before you leave.


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