EFD homepage > Media centre > Financial sector gains access to information on Mental Capacity Act

Financial sector gains access to information on Mental Capacity Act.

The reports are available in the member area of our web site. So to access them, you will need to sign in.

Barriers to financial inclusion (Microsoft Word document, 588K)
Barriers to financial inclusion (PDF document, 896K)
Barriers to financial inclusion, easy read version

Banks, building societies and financial regulators can now access information on how the Mental Capacity Act 2005 (MCA) affects their business. 'Barriers to financial inclusion: understanding the Mental Capacity Act for banks and building societies' launched today by Employers' Forum on Disability (EFD), is the only comprehensive report that examines the MCA from the financial sector viewpoint.

Now that the rights of disabled people with a limited or fluctuating mental capacity are enshrined in the MCA, the financial sector needs to prepare for the impact this will have on their products and services. EFD found that the complex legislation is a minefield for many financial service providers.

Some of the key recommendations of the report are:

Banks and building societies train staff on how to welcome and serve customers with reduced or fluctuating mental capacity, including knowing what reasonable adjustments should be considered.
Disincentives to providing time and support to customers who need help using e.g. ATMS, explaining Chip and Signature as an alternative to Chip and PIN should be removed.
Lenders should disregard Disability Living Allowance when considering a borrower's Financial Statement to repay a debt.

Susan Scott-Parker, chief executive of EFD, says: “From our conclusions we found that in some instances, the very measures introduced to give people that lack mental capacity access to financial services are thwarted by a system that is inflexible, impersonal and open to abuse.

“The overall challenge is for banks and building societies to make their services as inclusive as possible without exposing the financial institution or their staff to greater risk of legal action.”

Ends

Notes to Editors

For further information on the Employers' Forum on Disability contact the Forum press office

Michael Denham
Employers' Forum on Disability press office
Telephone: 020 7403 3020
Email: michael.denham@employers-forum.co.uk
Web: www.employers-forum.co.uk

The Employers' Forum on Disability

Employers' Forum on Disability (EFD) is the employers' organisation focused on disability as it affects business in the workplace. With over 400 members, EFD represents organisations that employ circa 25 per cent of the UK workforce.

EFD is recognised as the authoritative voice on disability as it affects employers and service providers.

Since its establishment in 1986 EFD has worked closely with government and other stakeholders, sharing best practice to make it easier to employ disabled people and serve disabled customers.

www.employers-forum.co.uk