The prevalence of economic abuse cases is on the rise, leaving many individuals uncertain about how to seek the assistance they require. Surviving Economic Abuse (SEA), a leading charity, has witnessed a staggering 150% surge in its website users since April 2021. While financial exploitation is often an invisible and overlooked form of domestic abuse, it can create a dependence on the abuser by restricting access to economic resources. However, individuals impacted by economic abuse are not alone, as several banks, including Monzo, have implemented measures to combat this issue. Charities and financial institutions have worked tirelessly to raise awareness and improve their ability to identify signs of economic abuse and provide aid to affected individuals. Furthermore, all banks and building societies have established systems to assist survivors of economic abuse. In this article, we will examine how these systems operate and how banks and charities can offer support.
What exactly is economic abuse? According to Surviving Economic Abuse (SEA), one in six women in the UK has experienced financial abuse in a current or past relationship. Financial abuse involves the control, exploitation, or sabotage of money and finances, while economic abuse encompasses a broader range of aspects, including food, transportation, and housing. Economic abuse may manifest as an abuser preventing the survivor from working or pursuing higher education, or monitoring expenditures by scrutinizing receipts and bank statements. Even after leaving the abusive relationship, survivors often find themselves subjected to ongoing control over their access to economic resources.
If you are a victim of economic abuse, reporting the abuse to your bank can be a daunting prospect. However, banks can serve as an essential source of support. All banks are signatories of the UK Finance Domestic Abuse Code of Practice, which outlines how banks and building societies should assist customers who are victim-survivors of economic or financial abuse. If you or someone you know is experiencing financial abuse, consider reaching out to the Financial Support Line for Victims of Domestic Abuse, operated by Money Advice Plus in partnership with Surviving Economic Abuse. This helpline offers specialized advice to individuals facing financial difficulties due to domestic abuse, including strategies to address coerced debt. The helpline can be contacted for advice and guidance at the toll-free number 0808 1968845, Monday through Friday from 9 am to 1 pm and 2 pm to 5 pm.
While English is the primary language of communication, an interpretation service is available upon request for callers whose first language is not English. Additionally, Refuge, another charitable organization, can potentially provide assistance and support. They can be reached at 0808 2000 247. Many banks have established direct partnerships with charities to aid survivors in opening bank accounts and accessing banking services. One such example is Barclays, which has collaborated with the leading domestic violence charity Refuge. Lloyds Banking Group has also provided financial support to more than 6,000 victim-survivors since 2019, enabling them to rebuild their finances.
Banks and building societies have undergone specific training to handle cases of economic abuse and have joined forces with charities like SEA, SafeLives, and Refuge. When reporting abuse to your bank, SEA recommends requesting to speak with someone from the vulnerable customer team, as they possess specialized knowledge to support you. Additionally, ask for the conversation to be recorded on file to avoid repetition in the future. If you feel safe doing so, request that the abuse be noted on file to ensure the bank does not disclose information to the abuser if they contact the institution. Banks have dedicated teams trained to handle customers experiencing abuse. For instance, Monzo introduced the ‘Share with Us’ tool in 2018, designed to allow customers to confidentially disclose sensitive information. This feature logs information with the consent of customers and ensures its traceability is limited.
Natalie Ledward, Head of Vulnerability, Access, and Inclusion at Monzo, emphasized the importance of raising awareness about tools like ‘Share with Us’ that aid victims of abuse. Ledward expressed concerns about a rising number of abuse disclosures and stressed the need to support individuals when they most require assistance. Starling Bank also provides a dedicated team available 24/7, while HSBC UK recently launched a digital tool specifically designed to offer customers experiencing abuse direct access to specialist agents. If reporting abuse online makes you uncomfortable, the Co-operative Bank offers ‘Safe Space’ facilities within its branches, allowing you to reach out to family or friends.
Regaining control of your finances is crucial. Banks can provide assistance in various ways, such as helping change your PIN or online banking details if you suspect someone has access to them. Banks like Natwest, HSBC, Starling, and Lloyds offer accounts with non-geographical sort codes to help safeguard the location of victim-survivors after they leave an abusive situation. If you have a joint account with an abusive individual, Lloyds can remove the joint party from the account and address your debt separation. Starling Bank recently introduced a feature that allows victim-survivors to disable intimidating payment references associated with bank transfers. These references can be weaponized to upset or abuse individuals affected by economic abuse. By partnering with SEA, Starling Bank enables customers to hide past or future payment references within their app, offering a quick and uncomplicated solution.
Starling Bank’s Head of Customer Experience, Charity Wood, highlighted the significance of addressing abusive payment references, as they can pose significant obstacles for economic abuse survivors. Wood mentioned scenarios where victims receive child maintenance payments from former partners in small, symbolic amounts accompanied by references that evoke memories of physical or verbal abuse. Some survivors even choose to forgo essential child maintenance to avoid such distressing payment references. HSBC UK has implemented a similar system, allowing customers to report instances of abuse that may not be immediately recognized as profanity.
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