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Authored by: Simon Deane and Sally Lau
The Hong Kong Association of Banks issued a guideline on banking services for persons with dementia (Guideline) in December 2021 with the aim of providing more accessible banking services to customers with dementia to meet their daily needs and to protect their banking assets.
The Guideline applies to all banks providing retail banking services and the contents are principle-based. Banks must formulate their own implementation details and implement the recommendations within twelve months.
Under the Guideline, an authorised person holding an enduring power of attorney that has come into effect, executed in Hong Kong in the form prescribed under the Enduring Powers of Attorney Ordinance and successfully registered with the High Court of Hong Kong may apply to open a dedicated Hong Kong Dollar personal savings account (Basic Account) on behalf of a person with dementia. The Guideline further provides guidance and recommendations in relation to the role and responsibilities of the authorised person, services provided to Basic Account holders, and customer protection measures for Basic Account holders.
In addition, it is recommended that banks actively promote the banking services available to persons with dementia and produce promotional materials with respect to the application procedures, account synopsis and other relevant information about Basic Accounts. Banks should also provide appropriate training to their staff to enhance their awareness and understanding of dementia and the relevant legislation, such as the Disability Discrimination Ordinance (Cap. 487).
To access a full version of the Guideline, please see link.
Our Litigation & Dispute Resolution Department also published an article concerning the Guideline on 7 February 2022. For more information, please see link.
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