Record Keeping for Financial Guardians in Scotland
Financial Guardians appointed by the court under the Adults with Incapacity (Scotland) Act 2000 are given powers to manage another person’s financial affairs on an ongoing basis. These powers mean Financial Guardians have an obligation to comply with the duties and record-keeping requirements of The Office of the Public Guardian (OPG).
I’ve been appointed as Financial Guardian – what now?
The main duties of Financial Guardians in Scotland are:-
- To obtain a Bond of Caution –usually the first duty of a Financial Guardian once appointed by the court. The Bond of Caution is a form of insurance to protect against loss to an adult’s estate caused by fraudulent or negligent actions of his financial guardian.
- To complete an Inventory and Management Plan – this must be submitted to the OPG within a timeframe set by them. The Inventory lists all items of the adult’s estate and the value of those assets at the date the Guardian was appointed. The Management Plan details the Financial Guardian’s plans for managing the adult’s estate and its purpose is to satisfy the OPG that the Guardian will be taking a proactive role in managing the adult’s financial affairs.
- To keep ongoing records (forming the basis of the annual accounts) detailing
a. income received,
b. funds spent on the adult’s behalf with receipts if appropriate (generally any expenditure over £50)
c. funds invested on the adult’s behalf.
- To submit Annual Accounts – the Financial Guardian must submit an account to the OPG on an annual basis, setting out details of all income received, expenditure made and investments carried out on behalf of the adult in the preceding year. Accounts must be submitted to the OPG annually throughout the period of the Financial Guardian’s appointment.
Is there anywhere I can turn to for help in carrying out these duties?
Yes – guidance on completing the Inventory, Management Plan and Annual Account (including pro formas) is available from the OPG’s website.
At TC Young, we are happy to provide assistance to guardians in complying with their duties and completing the records required by the OPG. Please contact me if you’d like further information.