Hope Macy, the authorised UK Fintech business, has released Family Connect which increases oversight for carers and supporters of those at risk from fraud and financial mismanagement.
YouGov has found that 1 in 6 people provide care for a family member, with, according to Carers UK, 6,000 new carers every day. Few are paid. Carers lack resources to provide adequate financial oversight for the people they care for. They often have to continue working and this leads to stress and exhaustion. As a result, the person receiving care often becomes a victim of fraud, makes financial mistakes or goes into debt. Power of attorney is a poor solution as it is expensive and inaccessible for many people. Banks have been unable to respond on their own to this growing national crisis which, according to Experian, costs UK individuals £6.8bn every year.
Technology has a part to play. Through Open Banking, Hope Macy has developed a financial platform for UK carers. Family Connect is targeted at carers of elderly parents, teenagers starting off in banking and those with additional needs such as autism and down's syndrome. Open Banking can provide the services banks are unable to offer.
The Family Connect service provides carers with information about the financial health of the person they are caring for - the account holder. The service provides up to date information about bank transactions without giving the carer direct access to the account holder’s bank. Notifications are sent to the carer by email up to four times a day and details of the account holder’s spending are available on a browser or an app. Anomalies can be discussed with the account holder and early signs of fraud or financial errors can be detected by the carer.
Family Connect does not require a change in bank or special payment cards. It works with all UK banks. There is a monthly fee of £2.95 that enables a carer to gain the financial oversight needed to assist someone in their care. Family Connect saves carers’ time and gives them more opportunity to focus on the person they are caring for.
About Hope Macy
Hope Macy Ltd is a UK based FCA Authorised Payment Institution permitted to provide account information services to UK residents.
The company was founded in 2018 to offer an improved service to carers and account holders, in response to the opportunities provided by Open Banking.
About Family Connect
Family Connect is the name of the service from Hope Macy that provides notifications and account information to carers.
About Open Banking
The UK is a world leader in Open Banking. The Retail Banking Market Investigation Order 2017 requires banks to provide customer data, with the consent of the account holder, to other regulated entities that can provide new services. It means more competition and better services.