FINANCIAL FIRMS BRINGING IN THE VOLUNTARY CODE
accounts, putting debt into a person’s name and insisting benefits are paid into someone else’s account.
The measure will be introduced over the next 12 months.
Ten of the largest high street financial firms have committed to bringing in the voluntary code and more are expected to follow.
This includes raising awareness of the issue and training staff so they can provide the right support to customers who are victims of financial abuse.
Firms on board have also promised they will minimise the need for a victim to repeat their story to the same organisation and help people to regain control of their finances.
Commenting on the launch of the Financial Abuse Code of Practice, Andrew Bester, CEO of The Co-operative Bank, said: “Our My Money, My Life campaign in partnership with Refuge, which began in 2015, shone a light on the issue of financial abuse and what banks could do better to help and support those who were impacted by this form of coercive control.
“This new Code of Practice represents an important step forward and is a result of the finance industry working together to do our best to support vulnerable customers who have been the victim of financial abuse.”
As the Code is rolled out, victims will be able to have more informed conversations with their financial providers. From the moment a customer discloses a case of financial abuse they should be reassured they will receive all the support they need.
Eric Leenders, managing director of personal finance at UK Finance, says: “Financial abuse does not discriminate – it can happen to anyone and 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.” ■ Bank of Ireland
■ Barclays Bank
■ CYBG (Clydesdale Bank/
Yorkshire Bank)
■ Co-operative Bank
■ HSBC
■ Lloyds Banking Group
■ Nationwide Building Society ■ Royal Bank of Scotland
■ Santander UK
■ Virgin Money