What Does a Financial Deputy Do?


A deputy is a person or organisation, such as a Trust Corporation, that is put in place by the Court of Protection to take on the legal role of managing the finances of a person that lacks the capacity to do so themselves. As a not for profit organisation, The Money Carer Foundation provides it's popular Deputyship Service in partnership with JMW Solicitors in order to keep costs lower for the vulnerable person (sometimes referred to as the Protected Party or 'P')

A deputy for property and finances must ensure that they manage the money and assets of the individual in their best interest and their responsibilities include paying bills, ensuring that all the correct welfare benefits are being claimed and manage any investments, savings or property owned by the incapacitated person. A security bond is usually required by the court to be taken out by the deputy before the court order is active.

Deputyship orders can be given to family members, professional deputies and local authority deputies all of which are regulated by the Office of the Public Guardian (OPG) As part of the deputyship role, annual reports must be submitted to the OPG and supervision visits by OPG visiting officers may be required from time to time in order to ensure that the deputy is undertaking their role properly.

Learn More About The Role of a Deputy in the video below:

 

Money Carer also provides banking and payment processing services for professional deputies and court of protection departments.

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