Vulnerable Banking Group and HSBC UK announce collaboration to improve processes for vulnerable customers

Thursday, 07 April 2022

HSBC UK has announced a series of policy changes to make it easier for vulnerable people and their loved ones to access their finances.

Following a policy review in early 2021, HSBC UK has been working alongside the Vulnerable Banking Group to implement a number of 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.

Joe Woodall, Head of Design and Measurement, Customer Experience 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.

'We have been working to bring our policies in line with our aspiration to be best in class in our support for people in vulnerable circumstances and those who care for them. I am proud of what we’ve achieved so far and look forward to further collaboration with the Vulnerable Banking Group.'

Michael Culver of the Vulnerable Banking Group and Chair of SFE (Solicitors for the Elderly) 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), SFR (Solicitors for the Elderly), and the Professional Deputies Forum, 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.

For more information on HSBC UK’s support for vulnerable customers please visit: https://www.hsbc.co.uk/help/life-events/

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Media enquiries to:

Hannah Langston, HSBC UK | [email protected] | 07384 792 248 | Email: [email protected]

Ollie Wright, Vulnerable Banking Group | [email protected]

For the latest news and updates, visit the HSBC UK newsroom:

https://www.about.hsbc.co.uk/news-and-media

About HSBC UK

HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 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 the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East and North Africa. With assets of US$2,958 billion at 31 December 2021, HSBC is one of the world’s largest banking and financial services organisations.