Vulnerable Banking Group and HSBC UK announce collaboration to improve processes for vulnerable customers
HSBC UK and the Vulnerable Banking Group have announced a raft of policy changes to support vulnerable people and the people who care for them.
Following a policy review early in 2021, HSBC UK has been working alongside the Vulnerable Banking Group to implement a number of beneficial changes to the way the bank deals with Power of Attorney and Court of Protection matters. These include:
Introduction of the Office of the Public Guardian (OPG) code into the HSBC UK branch process
Removal of the requirement for full identity verification in branch for Regulated Solicitors and Council Authorities
Clearer processes for certification of documentation and streamlined processes across the board.
The changes for Power of Attorney matters were implemented on 30 November 2021, and will go live for Court of Protection matters early in 2022.
Joe Woodall at HSBC UK said “HSBC UK is committed to supporting our vulnerable customers, and this includes identifying ways in which we can enhance the products and services we provide to them. In collaboration with Estatesearch and the Vulnerable Banking Group, we have been working to bring our policies in line with our aspiration to be best in class in our support for vulnerable people and those who care for them. I am proud of the work we’ve done so far and look forward to further collaboration with the Vulnerable Banking Group.”
Michael Culver of the Vulnerable Banking Group said: “We have been working with several financial institutions to identify policy changes that can benefit Deputies and Attorneys, as well as the clients they service. HSBC UK has been proactive and open in working with us to identify areas which are causing difficulty and to look at addressing them. We look forward to supporting HSBC UK further as they look to move to a ‘best in class’ approach to supporting their vulnerable customers.”
The Vulnerable Banking Group is made up of regulated professionals who are members of the Law Society, the Society of Trust and Estate Practitioners (STEP), SFE (Solicitors for the Elderly), and The Professional Deputies Forum (PDF), as well as the legal technology supplier, Estatesearch. Together they work with financial institutions and regulatory bodies to try to improve understanding of the needs of vulnerable and bereaved people and the professionals and carers who support them. More information can be found at www.vulnerablebanking.org.
For more information on HSBC UK’s support for vulnerable customers please visit: https://www.hsbc.co.uk/help/life-events/
Contact
For follow up or additional information, please contact:
Vulnerable Banking Group: Ollie.wright@estatesearch.co.uk
HSBC UK: Hannah Langston, HSBC UK Press Office: 07384 792 248 / hannah.langston@hsbc.com
HSBC UK
HSBC UK serves around 15 million customers across the UK, supported by 25,500 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.