As we mentioned in our update of 2 July, new laws regulating Powers of Attorney in Victoria come into effect on 1 September. Unfortunately, even though new POAs must be in the prescribed form under the new laws, the prescribed forms had not been released. However, the Powers of Attorney Regulations 2015, which contain the prescribed forms have recently been released. At this stage the regulations with the schedule of forms aren’t easy to find. Here’s how to locate them: go to https://www.legislation.vic.gov.au/, click on Victorian Statute Books, then Search Statutory Rules by Title, click on 2015, then locate Powers of Attorney Regulations 2015 (SR No. 93 0f 2015).
The new laws and forms will be relevant to financial services businesses who run MDAs (or quasi-MDAs) in Victoria and other businesses that use POAs for appointing agents for various purposes in Victoria.