Students can now show their parents' funds

"Funds held in bank account of a parent or legal guardian

"The Tier 4 guidance currently allows students applying under the Child Student category to use a bank account in their parent or legal guardian’s name to show that they meet the maintenance (funds) requirement (paragraph 38 on page 12). This is in recognition that most children will not have their own bank accounts, and money will be held by their parent(s)/legal guardian(s).

"Following a review of the maintenance (funds) requirements under Tier 4, we are now extending this provision beyond the Tier 4 (Child) Student category, so that Tier 4 (General) students may give evidence of having the required maintenance (funds) for their course fees and living costs using money held by one of the student’s parent(s)/ legal guardian(s)."

http://www.ukba.homeoffice.gov.uk/sitecontent/applicationforms/pbs/Tier4migrantguidance.pdf

Also, I believe the guardian has to send a signed letter consenting that those funds are available for the student to use while in the UK.

In practice, it will probably not be so helpful for leave to remain applications, unless the applicant has been disorganised and cannot show the funds in their own account for the required 28 days (from 1 October). 

For most applications, if the applicant needs to go to the trouble of obtaining the originals of their parent's bank statement, the consent letter and the birth certificate, they may as well just ask the parent to transfer the required amount of money to them and show their own statement.

In practice, it will probably not be so helpful for leave to remain applications, unless the applicant has been disorganised and cannot show the funds in their own account for the required 28 days (from 1 October). 

This rule did not come in on 1 October as expected. The transitional arrangement will continue until February 2010.