Nisha Arora, Director of Retail & Consumer Policy, The Financial Conduct Authority comments:
“Domestic abuse, including economic control, is widespread and has devastating impacts. This report provides valuable insights into how economic abuse affects survivors relationships with financial services firms. It’s important firms understand how perpetrators of economic abuse can use financial services to carry out abuse. We want firms to safely provide survivors of economic abuse with the support they need.”
Karen Baxter, Managing Director, Intelligence Strategy for Economic Crime, Lead for Diversity and Inclusion, UK Finance comments:
“Domestic, financial and economic abuse can happen to anyone and the consequences can be devastating. We recognise that seeking help is the first step in an individual’s journey to regaining control of their money and independence and it is imperative that they are treated in a sensitive, compassionate manner which makes them feel safe and believed.
In 2018 UK Finance published the Financial Abuse Code of Practice which provides guidance for firms on how they can recognise and respond to customers in vulnerable circumstances. Three years on and with the publication of the FCA Vulnerability Guidance, coupled with an increase in the incidence of domestic and economic abuse, accelerated by the pandemic, now is the right time for the financial services sector to reflect on the progress made and the work still to be done. This report provides a valuable insight into six key moments in a woman’s life where the risk of economic abuse increases and it will be a key part of our work as we consider how we can enhance the Code and support we provide”.
Huw Evans, Director General, Association of British Insurers (ABI) comments:
“Economic abuse is devastating for its victims but still remains largely unseen by wider society. Restricting, exploiting, and sabotaging access to financial services products is not only wrong, it is also a key factor that stops people escaping other forms of domestic abuse. This report is a vital intervention, highlighting the devastating impacts of economic abuse, and what actions need to be taken across the financial system.
Insurance and long-term savings companies have an essential role to play to help prevent scenarios when economic abuse can take place and to ensure there is ongoing support to victims and survivors. Working with SEA in recent years has helped improve awareness across our industry of signs to look out for and how to support survivors. We are committed to doing more to raise awareness and improve understanding of how abusers operate and to equip our members and their employees to take action.”
