HKAB releases guideline on banking services for people with dementia

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The Hong Kong Banking Association has issued a guideline on banking services for people with dementia (Guideline) in December 2021 with the aim of making banking services more accessible to customers with dementia to meet their daily needs and protect their bank assets.

The directive applies to all banks providing retail banking services and its content is principles-based. Banks must formulate their own implementation details and implement the recommendations within twelve months.

Under the guideline, an authorized person holding an enduring power of attorney that has come into force, signed in Hong Kong in the form prescribed by the Enduring Powers of Attorney Ordinance and successfully registered with the High Court of Hong Kong may request the opening of a dedicated power of attorney Hong Kong dollar personal savings account (Basic account) on behalf of a person with dementia. The directive further provides advice and recommendations regarding the role and responsibilities of the authorized person, the services provided to basic account holders and the customer protection measures for basic account holders.

In addition, banks are recommended to actively promote the banking services available to people with dementia and produce promotional material regarding application procedures, summary of accounts and other relevant basic account information. Banks should also provide appropriate training to their staff to improve their awareness and understanding of dementia and relevant legislation, such as the Disability Discrimination Ordinance (Cap. 487).

To access a full version of the guideline, please see the link.

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