Lloyd’s Bank to be tested over help for customers with mental health issues
Four in 10 people with mental health problems have severe 'admin anxiety'
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Your support makes all the difference.Lloyd’s Bank is set to be the first company to be tested against a charity's new set of standards that aim to help essential service providers give better support to customers with mental health issues.
The Money and Mental Health Policy Institute, founded by consumer champion Martin Lewis in 2016, is dedicated to breaking the link between mental illness and money problems.
As part of a new initiative, the charity is reaching out to companies, such as those relating to banks, telecoms and energy, to help them understand and address the challenges people with mental health issues may face when dealing with them.
As the first firm to be tested against the charity’s new standards, Lloyd’s Bank will be evaluated on how accessible its services are for customers.
The Money and Mental Health Policy Institute will then make recommendations on how the bank can make its processes easier for those who struggle with mental illness.
The charity will be testing Lloyd’s Bank on three key areas, including: how well they train staff to support customers with mental health problems; whether they offer a wide range of communication channels; and what tools and support they offer to help people stay on top of their situation when they are unwell.
The Institute also wants firms to clarify the way they communicate as it states that common symptoms of mental health problems, such as reduced concentration and memory, can make it more difficult for people to read complex forms or statements and understand what they need to do.
As a result, the charity wants companies to do more to help people by offering to send them messages or transcripts of their previous interactions, and reminders on how to help them follow through with any key action points.
Furthermore, the charity believes employees at these companies should know how and where they can refer people with mental health problems for further support.
This could include further help from organisations such as the Samaritans, gambling self-exclusion tools and resources to help people budget.
After the trial is complete, the Money and Mental Health Policy Institute hopes to extend the standards to firms across financial services, telecoms, energy and water providers.
Martin Lewis, chair of the Money and Mental Health Policy Institute, said that fear can lead to people with mental health problems unable to use or pay for electricity, water, banking, the internet and more.
"Many firms already rightly make adjustments for people with physical or sensory conditions, yet until now they haven't done the same for customers with mental health problems – leaving a significant number of people at financial disadvantage or at its worst a psychological risk," Lewis said.
Mims Davies, minister for sport and civil society, agreed, adding that being able to access key services which are essential to daily life is "so important".
"I hope these important new standards will make a real difference and will eventually be rolled out to many more firms so the process can be made as stress free as possible," Davies added.
The new standards follow a recent study by the Money and Mental Health Policy Institute which found that four in 10 people with mental health problems have severe “admin anxiety” – leaving them unable to effectively use essential service providers.
Earlier this year, Citizens Advice revealed that consumers with a mental health condition can pay a premium of more than £1,000 every year for their essential services.
The charity said many companies across the energy, telecoms and financial sectors are failing customers with mental health issues, leaving them paying between £1,100 and £1,550 a year more than necessary.
These customers face struggles ranging from comparing and choosing the best deals to paying for services on time and staying on top of their budget, the charity added.
Gillian Guy, chief executive at Citizens Advice, said: "If you have a mental health condition, keeping on top of everyday tasks such as paying a bill or solving a problem with a provider can be especially challenging.
"Companies should be doing all they can to support vulnerable customers, but instead too many are being left to fend for themselves."
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