Economic Abuse Awareness Day: Royal London urges financial services to lead the fight

As Economic Abuse Awareness Day approaches, attention is turning to a form of domestic abuse that often takes place behind closed doors and goes unnoticed. Royal London is calling on the financial services industry to take a stronger, more proactive stance in recognising and responding to economic abuse, one of the most pervasive yet hidden forms of control.

Shelley Read, Senior Protection Technical Manager at Royal London, highlights how financial institutions are uniquely positioned to identify warning signs, support vulnerable customers, and drive meaningful industry-wide change:

“Economic abuse is a hidden crisis, with far too many suffering in silence because the signs go unnoticed. Financial services providers are uniquely placed to make a real difference. By recognising the warning signals, empowering their employees through education, and strengthening partnerships with advocacy groups, we can help to break the cycle of control. 

On Economic Abuse Awareness Day, it’s important for financial services to lead the way. Financial services firms play a vital role in responding to economic abuse. Recent changes in the legal and regulatory landscape have set clearer expectations for how firms should act. Economic abuse is now defined in law under the Domestic Abuse Act 2021.

It is important to note that the FCA explicitly identifies ‘domestic abuse and economic control’ as key drivers of vulnerability in its Guidance for Firms on the Fair Treatment of Vulnerable Customers. These frameworks empower firms to take a proactive role in identifying and responding to economic abuse, but beyond regulatory compliance lies a greater opportunity: for firms to lead the way in driving meaningful change that transforms the lives of victim-survivors.”