Operating Bank Accounts for Others?
If you have tried to deal with banks on behalf of a vulnerable relative, it will probably have been a frustrating experience. Perhaps things will start to change…
The British Bankers’ Association, together with the Building Societies Association and the Office of the Public Guardian (and in consultation with the Law Society, Alzheimer’s Society and Age UK), has now issued a guidance framework 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. Since 2007, 536,941¹ Lasting Powers of Attorney have been registered in the UK to manage property and affairs, which includes the management of financial matters. In 2012 there were around 800,000² people in the UK suffering from Dementia with this number forecast to rise to more than a million by 2021².
” Recognising that more needed to be done in this complex area, the guidance framework, has been jointly developed by the Office of the Public Guardian (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”
We can but hope that this initiative will bring about change!
A link to download the pithily named “Guidance for people wanting to manage a bank account for someone else” can be found on our website