Ensuring a secure financial ecosystem exists for vulnerable individuals

Some background into how we help vulnerable people manage their finances and explain the importance of ensuring a secure financial ecosystem exists for these individuals.

Managing the finances of vulnerable adults and children

Using our virtual accounts and cash management platform, we created a solution used by over 30 UK local government authorities and councils to manage the bank accounts of vulnerable adults and children. This typically serves those under 16 years of age or those over 65. The platform manages the complete finances of those who are unable through illness or mental incapacity, those in guardianship, those who are hospitalised long term, individuals that are in care homes, hospice, care services or those living at home with dementia. Whilst this government service is not well publicised, it now manages the accounts of over 300,000 individuals in the UK and as life expectancy grows, this sector will also grow.

Through this service, the local authority can easily and quickly set up a Care Account for each case they manage, linked to a pooled “Real Bank Account” at a bank of their choice and ensure the financial well-being of those in its care program. These accounts are then available to The Office of the Public Guardian in England and Wales. This is a government body that, within the framework of the Mental Capacity Act 2005, protects the private assets and supervises the financial affairs of people who lack mental capacity for making decisions. It is an executive agency of the Ministry of Justice.

Beyond the UK: Cashfac and HeyDay Europe Partnership

Building on the success of the proposition in the UK, in 2018, Cashfac partnered with HeyDay Europe to jointly launch a new proposition, BBC-accounts©, a dedicated banking solution for vulnerable adults and those in government care services. This will initially be available in The Netherlands and then will be rolled out across the EU.

In The Netherlands, approximately 300,000 people depend upon professional financial care providers to assist them with their finances. This number is increasing by approximately 10% per annum, due to further digitalisation of society and aging of the population.

Financial care providers face various challenges when trying to open regular bank accounts for vulnerable individuals. Using the BBC-accounts© solution, financial care providers can easily open and manage bank accounts for their clients, benefitting from specific features designed for the unique requirements of financial care providers and their clients.

Most importantly, this ensures access to the financial eco-system for vulnerable citizens, thus ensuring and contributing to social inclusion for this group.

Join our Webinar!

Join us on Thursday 27 February (10:00 to 10:30 BST) to find out more, as we host a webinar with HeyDay Europe to explore the key issues surrounding the management of cash for vulnerable individuals. Registration is free and all registrants will receive on-demand access to the recording. Sign-up here.

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