In Focus Collections


Transforming the response to economic abuse


The use of finance to manipulate and exploit other people is a problem that this industry is still being required to face


Nicola Sharp-Jeffs Chief executive, Surviving Economic Abuse Nicola.Sharp@surviv ingeconomicabuse.org


In the two years since UK Finance launched the Financial Abuse Code of Practice, which set out a guide for banks and building societies to better support victim-survivors of economic abuse, it is fair to say quite a lot has happened. From March this year Covid-19 has of


course challenged us all. When the first lockdown was announced the Surviving Economic Abuse (SEA) website saw an 85% increase in traffic, and the extension of the lockdown resulted in an increase of 233%. We knew we were witnessing a crisis unfold. However even before the world changed


a lot was happening for SEA, the sector and the wider understanding of economic abuse. Economic abuse is a form of domestic abuse that impacts one in five UK adults


irrespective of age, gender, race, sexuality or socioeconomic status. Our mission to raise awareness of this, and transform responses to it, was urgent before Covid-19 came along. In 2017-2018 SEA was proud to work


alongside UK Finance to develop the voluntary Financial Abuse Code of Practice to bring increased awareness and better understanding of what financial abuse looks like for firms, colleagues, victims, potential victims and their families, and ensure more consistency in the support available for those who need it. Following a SEA campaign, the


government announced in January 2019 that economic abuse was to be recognised for the first time in the Domestic Abuse Bill as part of the statutory definition of domestic abuse.


Both Monzo and Lloyds Banking Group have reported an increase in calls. We also developed a Covid-19 specific resource to support firms in their response to customers during the outbreak, as well as a resource for customers specifically focusing on engaging with financial institutions and dealing with financial matters


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Creating real change Both these developments helped create real change. The media began to take interest, our organisation received vital funding and we worked alongside firms to transform responses – so much so that in December 2019 we launched our first Best Practice Awards for Banks and Building Societies. Chaired by BBC’s Paul Lewis, the judges


were delighted by the entries, many of whom had committed to revising processes, training staff, supporting customers and colleagues, and, crucially, moving from a position where banking systems inadvertently aided the perpetrator’s efforts to maintain control to purposefully supporting the victim-survivors to take back control, access


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safety and rebuild their lives. This shift has been extremely encouraging to see. Nonetheless we must push on. The global


pandemic has meant our efforts have taken on an even greater urgency. In a survey led by SEA carried out to understand the impact of lockdown, eight out of 10 victim- survivors said perpetrators had tried to control their finances during this period – and seven out of 10 said it had been successful. 40% said their finances had significantly worsened. Working with the banking sector to support victim-survivors has thus never been more critical. At the beginning of the pandemic, we


were delighted to be invited by UK Finance to give a presentation to over 60 members at a customer vulnerability workshop about how they could help. One example was the opening of new


safe spaces within which victims can disclose abuse in a context where calling a domestic abuse charity directly is more dangerous. Both Monzo and Lloyds Banking Group


have reported an increase in calls. We also developed a Covid-19 specific resource to support firms in their response to customers during the outbreak, as well as a resource for customers specifically focusing on engaging with financial institutions and dealing with financial matters.


Solutions to the problems At SEA we aim not only to raise awareness of the problems but also to find solutions to them. The Economic Abuse Evidence Form (EAEF), developed with Money Advice Plus,


January 2021


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