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

Putting the Pieces Together

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

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.

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

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

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

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

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