Some of the prominent banks and financial institutions in the UK are scheduled to meet government officials in the upcoming month to outline their efforts in combatting economic abuse.
Lucy Rigby, the Economic Secretary to the Treasury, has extended invitations to 20 organizations to convene at the Treasury for discussions on increasing awareness of economic abuse and devising strategies to assist victim-survivors in reclaiming financial control.
Economic abuse involves the manipulation or exploitation of an individual’s financial assets and resources. Common tactics include restricting access to money, incurring debt in the victim’s name, and monitoring their expenditures.
Statistics from Surviving Economic Abuse reveal that 4.2 million women in the UK encountered economic abuse from their current or former partners just last year.
Among the companies expected at the Treasury gathering are Barclays, HSBC, Nationwide, NatWest, Santander, and the Financial Conduct Authority.
Lucy Rigby KC MP, the Economic Secretary to the Treasury, emphasized the destructive impact of economic abuse, highlighting the need for industry collaboration to combat this pervasive issue and improve the lives of victims.
Ms. Rigby recently visited Lloyds Banking Group to witness their proactive approach to addressing economic abuse. Lloyds has collaborated with Surviving Economic Abuse (SEA) to establish a specialized Domestic and Financial Abuse team dedicated to aiding customers affected by economic abuse.
One survivor named Natalie shared her experience of regaining financial autonomy with the assistance of SEA, which directed her to Lloyds’ specialized team. Natalie expressed the enduring impact of coerced debt and the challenges it posed to her financial well-being.
The Government commended the progress made by various industries, such as offering non-geographic sort codes for new bank accounts to prevent tracing and participating in the Safe Spaces program to provide confidential support for domestic abuse survivors.
An online tool has been developed to help call handlers identify and address domestic economic abuse in charities and businesses.
Sam Smethers, CEO of Surviving Economic Abuse, praised the collaborative efforts of banks and insurers in supporting survivors and disrupting perpetrators. He emphasized the importance of providing tailored support to promote economic safety and stability for survivors.
The Economic Secretary to the Treasury has extended invitations to a range of firms and organizations for the upcoming meeting to further enhance efforts in combating economic abuse.
