Financial services challenged to sign up to dementia commitments

Alzheimer’s Society and Alzheimer’s Scotland have teamed up with the Lloyds Banking Group to produce a ‘landmark guide’ designed to help financial services meet the needs of clients living with dementia.

The vision is to improve the sector’s ability to offer sound financial solutions for individuals diagnosed with challenging memory loss conditions, as well as their families and carers.

Chief executive of the Alzheimer’s Society, Jeremy Hughes, sees this development as the latest step in meeting the Prime Minister’s ‘Dementia Challenge’, commenting:

“Since David Cameron announced his Challenge on Dementia in March, 2012, we have been working with organisations from across all sectors to help make their operations more dementia-friendly. Innovations in finance have undoubtedly led to greater convenience for customers, but all too often we hear that people with dementia feel locked out of their own finances. Lloyds Banking Group, working with others, is leading the way for the financial services industry in order to change this picture.

“Lloyds Banking Group has recognised its responsibility to customers affected by dementia and is taking positive steps towards improving the service offered to people with the condition and their carers. Alzheimer’s Society would like to see the whole financial services sector signing up to the charter, so that managing money does not add to the list of worries people with dementia and their carers can often face.”

Research from the charity has found that 76 per cent of adults with dementia have difficulty with banking and legal documents, but this partnership now gives them the option of sourcing services that are tailored to suit their mental health challenges.

Lloyds Banking Group chief executive António Horta-Osório also comments: “By embedding the principles of the charter in our working practices and training our staff in dementia awareness, we aim to help make day-to-day life easier for people with dementia and their carers. Not only will this help us further deliver upon our commitment to better serve the needs of our customers, it also helps us deliver our promise of helping our communities and Britain prosper.”

The banking group has also been working to build up a steering group made up of 24 other financial services organisations, including the British Banker’s Association, the Association of British Insurers and the Building Societies Association. Members will have their own training programme and funds are also being raised for a ‘Live Well’ programme that will help families encountering dementia to plan for the future.

Featuring on the Lloyds Banking Group training video is Dr Trevor Jarvis, himself diagnosed with dementia in 2001.

Dr Jarvis gives this insight into the challenges of living with dementia, saying: “I’ve got dementia but there are no physical signs and it’s not written across my forehead. Wherever I go, I have to explain that I’ve got dementia and what that means I can and can’t do. I can’t remember PIN numbers, so I have signature card and I find reading causes me problems now, so interpreting complex documents can be tricky.

“It’s great Lloyds Banking Group has recognised the need to do more to help people like me. As more people develop the condition, it’s vital that staff in banks understand dementia so they can support us to remain independent and make decisions about our financial future.”