Banks offered new guidance on dealing with carers
All banks and building societies in the UK have today received new guidance to support carers and relatives who manage accounts on behalf of other people.
The framework – and the complementary consumer guide which accompanies it – aims to help these people 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, 536,941 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 800,000 people in the UK suffering from dementia with this number forecast to rise to more than a million by 2021.
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.
A copy of the crystal marked guide entitled, Guidance for people wanting to manage a bank account for someone else, can be downloaded free of charge from a number of websites, including those of the BBA, the BSA and the Ministry of Justice.