JTC helped bring key members of Jersey’s banking community together recently to try to address Lasting Powers of Attorney and some of the key issues faced by more vulnerable people in society when it comes to accessing core banking services.
Paul Fosse, Group Head of Banking and Treasury at JTC, hosted the roundtable event after concerns were raised by legal experts and charity leaders around how vulnerable people and those with mental impairment were often left without access to digital banking services, in particular in cases where banks were unable to grant access through Lasting Powers of Attorney (LPA) arrangements – a legal document that lets someone appoint one or more people (‘attorneys’) to make decisions on their behalf.
At the roundtable, representatives from seven banks on the island heard from Simon Lofthouse, Head of Private Client at law firm Corbett Le Quesne, about some of the challenges attorneys face when it comes to accessing account information on behalf of their clients, whilst Wendy Munn, Lead Dementia Advisor at Dementia Jersey, shared some real-life scenarios and experiences to illustrate the urgency of the issue.
Attendees then had an open discussion around what they agreed was a ‘multifaceted challenge’ – which focused not only on the issue of making it easier for LPAs to access online banking on behalf of clients, but also on wider issue of how banks can better support the more vulnerable people in society.
A number of commitments were made at the event to work towards some concrete steps to improve accessibility for attorneys managing client accounts, and it was agreed by the representatives of the banks who attended that they would raise the issue further with their own Jersey Bankers Association representatives in due course to find a common way forward. In addition, attendees were keen to work with charity groups and other stakeholders to ensure they have the right training and infrastructure in place to help make banking easier and more accessible for those with mental impairment issues, including the potential development of codes of conduct.
Commenting after the event, Paul Fosse, Group Head of Banking and Treasury at JTC, said:
“This was a really powerful and positive coming together of some of the key banking heads in our community, and I’m pleased that JTC has been able to draw on its network to make progress in this important area. These are quite complex technical issues, that bring together technology, regulation, money laundering and education – but I was really encouraged by the proactive approach shown by our banking sector and I am confident that, following this important conversation, together we can make meaningful progress in addressing this critical issue.”
Simon Lofthouse, Head of Private Client at Corbett Le Quesne, added:
“This is an issue that needs to be resolved, and bringing key people together in a forum like this to share insights and expertise was a really positive experience. Lasting Powers of Attorney can be so different, and that means that approaches in terms of accessing banking facilities have developed in a fragmented and complex way. There is no one simple answer to all this – but by combining our efforts we will find solutions to support those who are most vulnerable in our community.”
Meanwhile, pointing to the fact that there are around 1,600 people with dementia in Jersey, Claudine Snape, CEO at Dementia Jersey, said:
“The LPA issue is one example of a challenge that families of people with dementia face when it comes to managing personal finances when capacity is lost. I was really impressed with just how seriously our banks are taking this issue though, and thinking about it in much broader terms too, including how they can make banking and everyday interaction with their customers simpler and sympathetic to their individual needs. I’m looking forward to working closely with the sector on this in the coming months.”
