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New plain-English guides to ensure people lacking mental capacity get the banking services they need are published this week by the British Bankers’ Association.
The guides – one for England and Wales, another for Scotland –offer advice on how to open an account and manage money for those unable to manage their own financial affairs, and set out the documentation a bank will need to put the arrangements in place.
Banking For People Who Lack Capacity To Make Decisions is designed as a simple but exact summary of the options currently available, including setting up Lasting Powers of Attorney (LPA).
BBA policy director Tola Ogudipe said: "This leaflet aims to answer the initial questions a customer might have, and sets out all of the option available to them if they are faced with the responsibility of managing finances for somebody close who cannot do it for themselves. When people are unable to manage their finances, or are making plans in case problems should arise in future, it is important that they are dealt with sympathetically and knowledgably.
"These guides aim to explain all of the options clearly and precisely to customers, and provide further advice on how they might proceed."
