Adults with Incapacity Amendment Act: consultation
Account held by fundholder in adult’s sole name
The Adults with Incapacity Act states that an application must specify an account held by a fundholder in the adult’s sole name which the applicant wishes to use for the purpose of intromitting with the adult’s funds.
We have heard that this may limit organisational use of the scheme. There may be occasions where an organisation, for ease of administration, would want to use a single client or corporate account to hold the funds of a number of people. Although these funds wouldn’t be in an account in the sole name of the adult, they would be clearly identified as the adult’s funds and belonging to the adult.