The financial services trade body has brought out a ‘Financial Abuse Code of Practice’ on financial control, dependency, exploitation or sabotage; whether by intimate partners, family members or carers.
Eric Leenders, Managing Director of Personal Finance at UK Finance, said: “Financial abuse does not discriminate – it can happen to anyone and whether you or a person you know is a victim of financial abuse, taking those first steps to seek help is very brave. 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. 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.”
The code will be rolled out across financial services firms over the next 12 months. Covered are:
Raising awareness and encouraging disclosure
Training of colleagues
Identification and appropriate response
Minimising the need to repeat one’s story in the same organisation
Help to regain control of finances
Signposting and referrals.
For instance, front line staff should display empathy and have the skills and knowledge appropriate to their role, to provide support to customers who are victims of financial abuse. Banks will trigger the Banking Protocol (where it is in place across the country), where the situation requires the immediate response of the police.
