TOKYO: Mitsubishi UFJ Financial Group Inc. said Monday that it will launch a new service that allows customers to designate proxies for financial transactions in advance in case they suffer cognitive decline from dementia or due to other reasons.

The new service, to be implemented from March 22, will enable proxies to withdraw deposits and sell investment trust funds for customers with falling cognitive capacity to eke out funds to cover their medical expenses by submitting a special medical report certifying cognitive decline.

The service will be available for free at subsidiaries MUFG Bank, Mitsubishi UFJ Trust and Banking Corp. and Mitsubishi UFJ Morgan Stanley Securities Co.

Proxies will be limited to client spouses or close family members in principle, but the major Japanese financial group will make exceptions based on specific circumstances.

It will also be possible to cancel a proxy designation.

Family members of dementia sufferers have faced difficulties withdrawing the deposits of the patients to pay medical expenses.

The Japanese Bankers Association, or Zenginkyo, said last month that proxy requests for financial transactions outside the adult guardianship system should be allowed if the move is confirmed to benefit the account holder. By enabling the designation of proxies in advance, Mitsubishi UFJ aims to make the process of confirming such benefit easier.

JIJI Press