You are here: Home - News -

Code of practice launched to support victims of financial abuse

by:
  • 10/10/2018
  • 0
Code of practice launched to support victims of financial abuse
The financial services industry is to introduce a voluntary code of practice over the next 12 months, aimed at providing support to victims of domestic financial abuse.

 

The code has been developed in association with charities, victim support groups and government departments, alongside UK Finance’s Financial Abuse Project Group and Consumer Advisory Group.

The financial abuse code of practice will bring increased awareness and better understanding of what abuse looks like for firms, colleagues, victims, potential victims and their families.

The key principles that the code aims to cover also include training colleagues, minimising the need to repeat one’s story in the same organisation and helping to regain control of finances.

There are 11 high street firms that have committed to implementing the voluntary code with more firms expected to follow, raising awareness, training colleagues and introducing other initiatives to help victims regain more control over their finances.

Financial abuse can take a variety of different forms within relationships, whether by intimate partners, family members or carers and may manifest itself as financial control, dependency, exploitation or sabotage.

The code considers financial abuse scenarios, including those within the context of partner relationships, domestic abuse, but also the older population as a particularly relevant demographic at risk.

Eric Leenders, managing director of personal finance at UK Finance, said the financial services industry can play a key role in helping combat financial abuse, offering support to victims to help them regain control of their money.

He added: “This new voluntary code provides further guidance for banks and building societies and, once rolled-out, will help raise awareness amongst staff so that victims of financial abuse can be confident that they will be treated sympathetically and positively in these particularly difficult circumstances.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Brexit housing London property economy
FCA lays out plans for no-deal Brexit

The Financial Conduct Authority (FCA) has set out its approach to a no-deal Brexit in two consultations.

Close