Overview
- Analysis of FCA 2022 data suggests 22% of people with mental health problems have shared PINs or credentials, and the charity estimates nearly two million could be affected.
- Demand for support is high, with 42% saying they wanted help from a trusted person to manage day‑to‑day finances, but safe options are often lacking.
- Across 18 current account providers reviewed, only seven offer carers’ cards, three provide third‑party notifications and just one enables limited partial access with payment controls.
- MMHPI is calling for a minimum package of tools — carers’ cards, third‑party alerts and third‑party payment controls — and a review of Power of Attorney arrangements that many find too rigid.
- UK Finance says some tools exist but secure shared access is legally complex, and it supports work with regulators and charities, noting a clear legislative framework could enable more consistent solutions.