Money management consultation

Option 2: charging for the service - money management service consultation

Consultation closed: 5pm, 12 March 2018

When considering the proposals for our money management service, we considered and evaluated the following options.

This is our preferred option.

What would this mean in practice?

We will be able to accept new referrals. The team will be able to meet the requirements of the administration tasks set by the Department of Work and Pensions (DWP.) We would continue to be able to offer a customer-focused service.

Cost

Proposed deputyship charges
Deputyship charge, set by the Court of Protection
Annual bank transaction charge
Annual deputyship charge
If customer has under £1,000 of capital
No charge
No charge
Living in a residential placement, with less that £16,000 capital
£26
3.5% of balance of customer's capital
Living in a residential placement, with more than £16,000 capital
£26
£650
Living in the community, with less than £16,000 capital
£60
3.5% of balance of customer's capital
Living in the community, with more than £16,000 capital
£60
£650
Proposed appointeeship charges
Appointeeship charge, set by us
Annual bank transaction charge
Annual appointeeship charge
If customer has under £1,000 capital
No charge
No charge
Living in a residential placement
£26
3.5% of balance of customer's capital, maximum of £495
Living in the community
£60
3.5% of balance of customer's capital, maximum of £495

Initial assessment of option 2

Introducing a small charge appears to be the most favourable option to ensure the service is offered to meet the advantages described above. This option represents good value for money and meets the needs of the most vulnerable customers, promoting and protecting their financial and social wellbeing.

Preferred option

Having considered different options for the money management service, this option is our preferred approach; to introduce a small charge for the money management service we provide for existing and new customers.

The charge will cover the costs of providing the service and enable the council to meet the increasing demand.

There are three different charges being proposed;

  • charges to cover the cost of bank transactions
  • charges to cover deputyship services (these are set by the Office of Public Guardian)
  • charges to cover appointeeship services (these are set by the council which the Department for Work and Pensions states must be fair and reasonable)

We recognise that some of the most vulnerable people access this service and therefore are not planning to charge anyone who has less than £1,000.