What is it, spotting the signs, and how you can support

We are a member of the UK Finance Financial Abuse Code. Together, we're committed to supporting our customers suffering from financial or economic abuse.

Financial and economic abuse are a form of domestic abuse, where a person’s financial freedom is restricted by someone close to them.  This doesn’t only mean a romantic partner – it could also be a family member, parent, carer or friend.
 

What does financial abuse look like?

 

• Running up debt in the victim’s name, with or without their knowledge. For example, credit cards or credit agreements affecting their credit score
• Forcing the victim to sign over property or assets 
• Refusing to make agreed or required payments, for example mortgage repayments
• Deliberately blocking the sale of shared assets, or the closure of joint accounts or mortgages 
• Refusing to contribute to household income or costs
• Not allowing the victim to earn or spend any money unless they have permission
• Controlling access to finances, including monitoring their accounts or forcing them to share passwords for online access

 

What does economic abuse look like?

 

• Making it harder for the victim to buy food or pay for transport
• Stopping them from working, so they become financially dependent on their abuser
• Isolating the victim – for example, not allowing them to access a mobile phone or car, or stopping them from making or receiving phone calls

How you can help

If you think a client might be suffering from financial or domestic abuse, here are some ways you can help.
 

• Offer a longer appointment, so they have more time to consider their options
• Ask if they’d prefer to speak to you by themselves
• Give them more time to make any decisions
• Direct them to our customer website, where there's more information on the support available

If you're concerned about a client, please get in touch.

For more information on financial abuse, please visit UK Finance or UK Finance It's Your Money.