New guidance launched to ease the stress of managing a bank account for another person

Arranging to run an account on behalf of a loved one is a challenge faced by thousands of people every year. 

Clients have in the past reported to Blaser Mills the difficulties they have faced when attempting to use Lasting Powers of Attorney and Deputyship Orders, with the staff at banks and building societies often having no understanding of these documents.

Recognising that unnecessary burdens were being placed on people at times of stress, the Law Society together with the British Bankers’ Association (BBA), the Building Societies Association (BSA), the Office of the Public Guardian (OPG) and other partners have produced a comprehensive framework for people who need to manage a bank or building society account on behalf of someone else.

The new guidelines will assist banks and building societies to apply a universal framework for a consistent approach when helping relatives or carers who need to manage an account on behalf of another person who is elderly, vulnerable or unable to manage his or her own affairs.

lan Eccles, Public Guardian and Chief Executive of the Office of the Public Guardian, has stated that:-

 “This is a good example of Government, industry and the charity sector working together to fix a real problem.  The guidance will help staff in banks and building societies to recognise and react appropriately to Lasting Powers of Attorney, Deputyship Orders and other third-party management arrangements.  Most importantly, this should be a helping hand to those who need it most.”

Blaser Mills welcomes this framework and hopes that its implementation will have the desired effect of reducing the stress and complex administration often faced by people managing someone else’s finances.

If you have an elderly or vulnerable relative or friend who needs help with managing his or her affairs, Blaser Mills has an experienced team of solicitors who can provide advice and assistance in preparing Lasting Powers of Attorney and applying for Deputyship Orders.  If you would like to discuss this with a member of our team, please call us on 0845 604 2847 or e-mail us at: enquiries@blasermills.co.uk