{{org_field_logo}}

{{org_field_name}}

Registration Number: {{org_field_registration_no}}

---

Managing Service User Finances Policy

1. Purpose

The purpose of this policy is to outline {{org_field_name}}’s approach to managing and safeguarding service users’ finances. Our objective is to ensure that financial transactions involving service users are conducted with transparency, integrity, and accountability, while protecting service users from financial abuse, fraud, and mismanagement.

This policy ensures that all financial support provided by staff complies with Care Quality Commission (CQC) Fundamental Standards, the Care Act 2014, the Mental Capacity Act 2005, and other relevant legal frameworks.

2. Scope

This policy applies to:

• All domiciliary care staff, including care workers, coordinators, and management.
• Service users receiving financial assistance or oversight from staff.
• Families, legal representatives, and advocates involved in financial decision-making.
• External bodies, including local authorities, social workers, and regulatory agencies.

It covers:

• Roles and responsibilities in financial management.
• Consent, capacity, and decision-making authority.
• Handling of service user finances.
• Prevention of financial abuse.
• Record-keeping and audit processes.
• Staff training and compliance.

3. Legal and Regulatory Framework

This policy aligns with:

• Care Act 2014 – Outlining duties to prevent financial exploitation.
• Mental Capacity Act 2005 – Governing decision-making for those who lack capacity.
• Financial Services Act 2012 – Ensuring compliance with financial regulations.
• Fraud Act 2006 – Preventing financial mismanagement and abuse.
• Data Protection Act 2018 (GDPR) – Ensuring confidentiality in financial matters.
• CQC Regulation 13: Safeguarding Service Users from Abuse and Improper Treatment – Protecting individuals from financial harm.

4. Roles and Responsibilities in Financial Management

• Registered Manager:
  • Oversees financial transactions involving service users.
  • Ensures all staff follow financial procedures and safeguarding guidelines.
  • Reviews and investigates any concerns of financial mismanagement.
• Care Workers:
  • Provide support with handling day-to-day financial tasks, such as shopping.
  • Maintain accurate and transparent records of all transactions.
  • Report any suspicions of financial abuse or irregularities immediately.
• Service Users and Representatives:
  • Where possible, service users retain control of their own finances.
  • Families, Power of Attorney holders, or advocates may manage finances where authorised.

5. Consent, Capacity, and Decision-Making Authority

• Before providing financial assistance, staff must obtain explicit consent from the service user.
• Where a service user lacks capacity to manage their finances:
  • A Mental Capacity Act assessment is conducted to determine decision-making ability.
  • Decisions are made in the best interests of the service user, involving their legal representatives.
  • Where necessary, a Deputy (appointed by the Court of Protection) or Power of Attorney takes financial responsibility.

6. Handling of Service User Finances

All financial transactions involving service users must be:

• Transparent and accountable – Every transaction must be recorded and verifiable.
• Limited to necessary expenses – Staff should not handle large amounts of cash or personal savings.
• Separate from staff finances – No mixing of staff and service user funds under any circumstances.
• Authorised and documented – Any purchase made on behalf of the service user must be agreed upon in advance.
• Carried out safely – Use of cash must be minimised, with receipts kept for all purchases.

7. Prevention of Financial Abuse

To protect service users from financial exploitation, {{org_field_name}}:

• Provides mandatory safeguarding training on financial abuse for all staff.
• Implements strict protocols on handling money, bank cards, and valuables.
• Conducts random audits and spot checks on financial records.
• Encourages service users to involve family members in financial decisions.
• Implements whistleblowing procedures to report any concerns of financial misconduct.

Signs of Financial Abuse:

• Sudden unexplained withdrawals or purchases.
• Missing money, valuables, or documents.
• A service user appearing anxious about money or pressured into transactions.
• Unauthorised changes to financial records or Power of Attorney.

8. Record-Keeping and Audit Processes

To maintain accountability and transparency, {{org_field_name}} requires:

• Receipts and transaction logs for all financial transactions.
• A designated financial record book for each service user requiring financial support.
• Quarterly financial audits conducted by management to identify discrepancies.
• Incident reporting procedures for any financial concerns or irregularities.

9. Staff Training and Compliance

All staff must:

• Undergo mandatory financial safeguarding training.
• Understand their legal responsibilities when assisting service users with finances.
• Follow strict documentation and reporting procedures.
• Report any suspicions of financial abuse immediately to the Registered Manager.

10. Monitoring and Continuous Improvement

To ensure continued compliance and best practice:

• This policy is reviewed annually or sooner if required.
• Findings from financial audits and incident reports inform improvements.
• Feedback from service users, families, and staff helps shape better financial support systems.

Any legal or regulatory updates are integrated into staff training and procedures.

---

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}}
Copyright © {{current_year}} – {{org_field_name}}. All rights reserved.