Surviving Economic Abuse (SEA), the UK charity dedicated to tackling economic abuse, has launched a practical guide to support financial services firms in identifying, preventing, and responding to economic abuse.
In the UK, 4.1 million women have had their money and resources controlled by a current or former partner, according to the charity.
Abusers use economic abuse to trap women in dangerous situations and destroy lives. Financial products and services are frequently weaponised by abusers to exert control and close off routes to escape and rebuilding lives.
The government has committed to halving violence against women and girls in a decade. SEA said the goal is not achievable without placing economic abuse at the heart of its strategy and recognising the key role of financial services.
To meet the scale of the problem, the charity is calling on financial services firms to go even further and consistently provide essential support to victim-survivors.
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Sam Smethers, chief executive of SEA, said: “The Prime Minister has described economic abuse as a ‘national emergency’.
“The financial services sector is an important part of the response. The sector’s continued commitment to shutting down economic abuse is to be celebrated and we must build on this momentum. Bold, innovative products and solutions that centre the experiences of victim-survivors aren’t just possible; they’re already happening, but we must go further and faster.
“SEA’s guide will help the whole sector to ensure all customers are protected – no matter who they bank with. When financial services get this right, the impact isn’t just transformative – it’s life-saving. Together, we have the power to save lives and end economic abuse for good.”
The SEA’s work earned the backing of the Economic Secretary, Lucy Rigby MP.
She said: “I commend SEA’s incredible work, and as City Minister, I remain committed to working closely with industry and across government to build on the best practice highlighted in SEA’s report.”
The Good practice guide for financial services: Supporting customers experiencing economic abuse is informed by the lived experiences of victim-survivors, as well as in-depth knowledge and expertise from frontline professionals and industry leaders.
It draws on examples of good practice, such as the provision of specialist teams, flee funds, and innovative banking tools, alongside offering practical solutions across communication, disclosure, and product design. All of this will mean financial services firms are better equipped to safeguard customers, close down opportunities for economic abuse and, ultimately, save lives.
The guide has been developed with support from the Aberdeen Group Charitable Trust and the Joseph Rowntree Charitable Trust.
It highlights pioneering work already underway in the sector from banks including Lloyds Banking Group, TSB and HSBC.
