Handling Resident’s Finances Policy and Procedure

Housing 21 is committed to supporting all residents to maintain independence with managing their finances for as long as possible.

Housing 21 employees becoming involved with managing residents’ finances will always be a last resort. This policy applies, in Extra Care, when a resident is unable to manage their own finances fully independently and may need support with some elements of day-to-day money management.

The policy must be applied whenever a resident is being supported with any aspect of their finances, planned or unplanned.

The aim of the procedure is to promote independence where possible and to safeguard residents where support is required in handling finances. In addition, the procedure sets out the processes which employees need to follow to ensure they are protected, and relevant legislation is applied where appropriate.
The procedure sets out:
• What is required to be documented within the resident’s support plan
• When to carry out a risk assessment in connection with managing resident’s finances
• Where we would and would not get involved in supporting with handling finances
• The relevant documentation that needs to be completed to ensure good record keeping, and to safeguard residents and employees
• Alternative support available and when it may be appropriate to signpost
• Who should have access to what information and how it should be kept safe

All employees are expected to comply with this policy and procedure: it will be applied fairly and consistently to all residents.

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