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Registration Number: {{org_field_registration_no}}

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Managing Service User Finances Policy

1. Purpose

The purpose of this policy is to ensure that {{org_field_name}} manages service users’ finances ethically, transparently, and in compliance with CIW regulations and best practice guidelines. Our organisation is committed to:

• Safeguarding service users from financial abuse or mismanagement.
• Ensuring service users retain maximum control over their own finances wherever possible.
• Providing clear guidelines for staff on assisting with financial transactions.
• Maintaining accurate financial records to protect both the service user and the organisation.
• Ensuring compliance with relevant legislation and regulatory requirements.

2. Scope

This policy applies to:

• All staff, including care workers, managers, and administrative personnel who may be involved in assisting service users with financial transactions.
• Service users who require assistance in managing their money, including those who lack capacity to manage their own finances.
• The Registered Manager and Responsible Individual, who oversee financial safeguarding processes.
• Family members, legal representatives, and advocates who have authority to assist with financial matters.

3. Legal and Regulatory Framework

This policy is in line with the following legislation, regulations, and best practices:

• The Regulation and Inspection of Social Care (Wales) Act 2016, which mandates safeguarding against financial abuse.
• The Regulated Services (Service Providers and Responsible Individuals) (Wales) Regulations 2017, requiring providers to have systems in place to manage service users’ money safely.
• The Mental Capacity Act 2005, which sets out how decisions should be made for individuals who lack capacity.
• The Social Services and Well-being (Wales) Act 2014, which promotes safeguarding in social care.
• The Fraud Act 2006, which criminalises financial fraud and abuse.
• CIW Guidance on Financial Safeguarding, which outlines best practices for care providers.

4. Principles of Financial Management for Service Users

Our approach to managing service users’ finances is based on the following principles:

• Respect and Dignity – Ensuring service users retain as much control over their money as possible.
• Transparency – Keeping accurate records of all financial transactions undertaken on behalf of service users.
• Safeguarding – Preventing financial exploitation, fraud, and abuse.
• Consent and Accountability – Ensuring service users or their legal representatives approve all financial actions.
• Confidentiality – Protecting service users’ financial information in line with GDPR regulations.

5. Assessing a Service User’s Financial Needs and Capacity

5.1 Financial Risk Assessment

At the start of care provision, {{org_field_name}} conducts a financial needs assessment, which includes:

• Determining the service user’s ability to manage their own finances.
• Identifying any risks of financial abuse.
• Documenting whether the service user has legal representatives (e.g., Lasting Power of Attorney (LPA) or Court of Protection deputyship).

How we manage this efficiently:

• A standardised financial risk assessment tool is used for all service users.
• The assessment is reviewed at least annually or whenever financial circumstances change.
• Staff receive training on how to identify financial abuse or risks.

5.2 Mental Capacity and Decision-Making

If a service user lacks the capacity to manage their finances, decisions must be made in their best interests, following the Mental Capacity Act 2005. This includes:

• Assessing capacity before making financial decisions on behalf of the service user.
• Involving legal representatives or advocacy services in financial matters.
• Documenting all decisions and ensuring compliance with legal safeguards.

How we manage this efficiently:

• Staff receive training in Mental Capacity Act principles.
• Best interest meetings are held where necessary to ensure transparent decision-making.

6. Assisting Service Users with Financial Transactions

6.1 Handling Cash and Payments

If a care worker is required to assist with financial transactions, they must follow strict procedures, including:

• Obtaining prior written consent from the service user or their legal representative.
• Ensuring all transactions are recorded in a financial log signed by both the staff member and service user (or witness).
• Only using service user funds for their intended purpose (e.g., shopping, utility bills).
• Avoiding borrowing or lending money to or from a service user.

How we manage this efficiently:

• All financial transactions are recorded in a dedicated logbook or electronic system.
• Random audits are conducted to ensure compliance with financial management procedures.

6.2 Shopping and Personal Spending Assistance

When assisting service users with shopping or personal expenses:

• Staff must only use cash provided by the service user or a prepaid store card.
• Receipts must be kept for all purchases and attached to the financial records.
• Service users must be encouraged to make their own purchases whenever possible.

How we manage this efficiently:

• A receipt tracking system ensures accountability for all transactions.
• A shopping support plan is developed for each service user, outlining their preferences and spending needs.

6.3 Managing Service Users’ Bank Cards and PINs

Staff must not:

• Hold or store service users’ bank cards, credit cards, or PINs.
• Withdraw money on behalf of a service user without a legal authorisation (e.g., Power of Attorney).
• Mix personal and service user finances under any circumstances.

How we manage this efficiently:

• Strict policies prevent staff from handling service users’ bank cards or personal banking details.
• Alternative financial support options are explored, such as prepaid store cards or family assistance.

7. Preventing and Reporting Financial Abuse

7.1 Identifying Signs of Financial Abuse

Financial abuse can include:

• Unexplained loss of money or possessions.
• Changes in financial arrangements without consent.
• Pressure from family or staff to make financial decisions.
• Service users appearing anxious about their money.

How we manage this efficiently:

• Staff are trained to recognise and report signs of financial abuse.
• Financial transactions are monitored for any irregularities.

7.2 Reporting Financial Concerns

If financial abuse is suspected:

1. The staff member must report concerns immediately to their line manager or the Safeguarding Lead.
2. An internal investigation will be conducted, and appropriate authorities (e.g., CIW, Local Authority Safeguarding Team, or the Police) will be informed.
3. Corrective actions are taken to safeguard the service user.

How we manage this efficiently:

• A whistleblowing procedure is in place for reporting financial concerns anonymously.
• All financial safeguarding concerns are logged and reviewed regularly.

8. Staff Training and Responsibilities

All staff must:

• Complete financial safeguarding training annually.
• Follow this policy when assisting service users with money management.
• Report any concerns about financial mismanagement or abuse immediately.

How we manage this efficiently:

• A financial management competency framework ensures staff understand their responsibilities.
• Regular refresher training is provided to keep staff informed of best practices.

9. Related Policies

This policy aligns with:

• Safeguarding Adults Policy (DCW13).
• Confidentiality and Data Protection Policy (DCW34).
• Whistleblowing (Speaking Up) Policy (DCW29).
• Mental Capacity and Decision-Making Policy (DCW39).

10. Policy Review

This policy will be reviewed annually or sooner if required due to legislative changes, business needs, or CIW updates. The Registered Manager and Responsible Individual are responsible for ensuring compliance.

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Responsible Person: {{org_field_registered_manager_first_name}} {{org_field_registered_manager_last_name}}
Reviewed on: {{last_update_date}}
Next Review Date: {{next_review_date}}
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