20 July 2017
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FCA TechSprint tackles financial services and mental health

29 March 2017  |  4057 views  |  0 FCA

Helping people with mental health problems was on the agenda for developers attending the UK Financial Conduct Authority's latest TechSprint app development challenge earlier this month.

Over 100 developers, mental health and technology experts and around 32 organisations took part in the TechSprint, which aimed to find ways of assisting the millions of Brits with mental health problems.

Research shows that many people with mental health issues are in problem debt, while the vast majority say that their condition mean that making financial decisions is harder for them and that they spend more when unwell.

The teams taking part in the event focused on designing concepts that encouraged people to continue to manage their own finances but put in place safeguards to help them when they felt they needed it most.

A common theme was to designate a buddy or guardian who would be asked to check unusual activity on a current account or verify a purchase. The concepts developed also linked into budgeting and helping people see what they are spending and when.

The event comes as the House of Lords Financial Exclusion Committee publishes a report which looked into the relationship between disability, mental health issues and financial exclusion. The committee is asking government, the FCA and British Bankers Association to carry out a review of reasonable adjustments banks should make for disabled customers.

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