People who need to manage a bank or building society account for someone else as a result of that person’s lack of physical or mental capacity will now be supported by a new guidance framework that has been issued to all banks and building societies in the UK.
The objective of the framework, and the complementary consumer guide which accompanies it, is for carers and relatives to have a better and more consistent experience, reducing their burden at what can be a very difficult time.
Arranging to run an account on behalf of a loved one is a challenge faced by thousands of people every year. According to the Office of Public Guardian (OPG), since 2007, 536,941 Lasting Powers of Attorney have been registered in the UK to manage property and affairs, which includes the management of financial matters. The Alzheimer’s Society believes that in 2012 there were around 800,000 people in the UK suffering from dementia with this number forecast to rise to more than a million by 2021.
Recognising that more needed to be done in this complex area, the guidance framework, has been jointly developed by the OPG, the British Bankers Association (BBA) and the Building Societies Association (BSA), working in collaboration with the Law Society, Alzheimer’s Society, Solicitors for the Elderly and Age UK. For the first time, banks and building societies have a consistent approach to apply to policy and process in support of third party mandate holders.
To download a copy of the crystal marked guide entitled, ‘Guidance for people wanting to manage a bank account for someone else’ click here.