Money Carer is a long established organisation (15 years) and is the largest provider of appointeeships in the UK and as such, support thousands of clients with their daily money management needs. We understand the sector in which we operate implicitly.
We work with over 125 local authorities to provide services for vulnerable people and, uniquely, we have our own banking and payments platform which we have developed over 10 years to enable us to deliver our services much more efficiently. Our banking engine (named Monika) is absolutely cutting edge and combines our banking partnership with Cashplus Bank, with our proprietary money management software.
This enables us avoid many of the operational costs that other firms occur which is reflected in their higher charges to our local authority partners. We made the decision to open up access to Monika in 2017 with a select few partners and now more than 250 court of protection teams in law firms around the UK use its technology along with many large care providers and local authorities.
Money Carers partners and their users benefit not only from the advanced technology that we make available but also by the fact that the accounts we provide are proper FSCS protected bank accounts. This is different from providers of e-money regulated prepaid card or virtual wallet providers who do not have access to the FSCS scheme.
In a time when many local authorities are questioning the solvency, financial stability and sustainability of the business plans of organisations that predominantly rely on income from prepaid card or virtual wallet programs, our partners have the assurance that Money Carer is a financially robust, debt free, long established, market leading organisation with multiple income streams and a solid history of delivering trusted money management services for vulnerable folk.
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