People who are unable to take care of their own money and banking affairs often need to rely on carers or family members for help.
Now the British Bankers Association (BBA) has released guidelines for managing the money and banking affairs of a person with diminished responsibility due to mental incapacity.
The legal requirements a carer or family member should adhere to when managing someone else's money and banking affairs, are outlined in the documents.
Banks, government departments, the Public Guardianship Office and several voluntary groups were consulted in the process of compiling the documents designed to simplify banking matters like personal banking and banking services like online banking.
Banks and financial services providers have separate guidelines to the banking guidelines issued for banking customers.
Banks need to meet their legal responsibilities to ensure that there are appropriate safeguards in place to protect vulnerable customers from financial abuse, said BBA chief executive Ian Mullen.
He added that banks also want to make it straightforward to arrange banking services on behalf of someone who is no longer capable of managing their money and banking affairs alone.
Guidelines issued for managing another's money and banking affairs
Financial Services > e-banking > Banking news
Guidelines issued for managing another's money and banking affairs
Fri, 17 Jun 2005
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