1. The committee bank account
When you are appointed committee, you should open
a committee bank account. You will need to show the
bank the Court Order appointing you as committee. Once
the committee bank account is open, you must deposit
into the account all monies belonging to the MIP. You
must arrange for any benefits or income of the MIP to
be paid into the committee bank account.
You must always keep the MIP’s money separate from your own money.
You should give notice to all relevant authorities (such as Inland Revenue, Land Registry, electricity, gas and water suppliers) that you are now acting as the MIP’s committee.
3. Keeping accounts
One of the things you will have to do is to provide an account each year (or for whatever period of the Court has specified) of how you have dealt with the money you received and spent on the MIP’s behalf. The duty to provide accounts is usually specified in the Court Order appointing you.
You will find it easier to prepare the accounts if you:
a) pay all money you receive on MIP’s behalf into the committee bank account;
b) make all payments on the MIP’s behalf from the account; and
c) keep all bank statements, receipts and invoices
A specimen statement of accounts is attached to this Guidance Note for your reference.
If you fail to provide accounts as ordered, you risk being discharged as the MIP’s committee and you may also be sued by the MIP.