Appointeeship Security Bond


Mirroring the Court of Protection requirement for deputies, such as solicitors or family members, to purchase a security bond to protect the financial assets of the vulnerable person they support, The Money Carer Foundation has been working with Security Bonds Ltd and Aviva for the last 3 years to introduce similar protection for clients under appointeeship.

Setting Out The Standards of Best Practice

The Appointee Security Bond is a best practice develpment introduced by Security Bonds Ltd and Aviva in partnership with The Money Carer Foundation in 2018. The concept was initiated by Sean Tyrer, CEO of The Money Carer Foundation in 2015. It is a fundamental purchase for all appointees who wish to demonstrate their transparancy and openness to scrutiny in their role as either a corporate appointee (such as local authorities) or family appointees.

The bond costs £35 per year and protects the vulnerable person under appointeeship for up to £16,000 in the event of theft or fraud by the appointee or by mistakes made by the appointee in respect of their legal welfare benefit management responsibilties.

For non-professional appointees (family members and friends) the bond will recompense the vulnerable person in respect of honest mistakes made by the appointee without seeking financial redress from the appointee. Corporate appointees however will be liable to repay Aviva in the same circumstances.

How Are Appointee Bond Claims Made?

Local authority safeguarding teams can inform Deputy Bond Services to enable them to start the claim process for the vulnerable person that has suffered financial loss. The appointee bond will aim to compensate the vulnerable person within 7 working days.

Where Do I Buy The Bond?

An online portal to purchase the Apponteeship Bond will be available in November 2018. Until then, please send your enquiry to jia.liu@moneycarer.org.uk.

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