MIRROR MONEY SAYS:

ALMOST a fifth of adults in the UK have been a victim of financial abuse in a current or past relationship.

This rarely occurs in isolation – eight out of 10 people had also been victims of other forms of abuse in their relationship.

These are the shocking findings of a joint campaign with The Co-operative Bank and Refuge, the national domestic violence charity, which aimed to raise awareness of the scale of the issue of financial abuse.

The campaign called on the banking industry to come together to ensure there is adequate and consistent support for victims of financial abuse.

The good news is the financial industry has recognised the need to address domestic financial abuse and is introducing a new code of practice. It 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.

Sandra Horley CBE, chief executive of Refuge, says: “I am hugely proud that the original Refuge and Co-operative Bank research has provided the catalyst for this new Code of Practice.

“Over the last 12 months alone, we have worked with over 1,500 survivors of economic abuse. Women we supported described how abusers had complete control over household finances, forcing them to take out overdrafts and loans in their names It is good to see the financial industry coming together something that will really to create help some of our most vulnerable. People often suffer in silence from financial abuse as know where to turn for they don’t help. Raising awareness and letting people know there is help available and where they can go for it is crucial. We must ensure that financial abuse is identified quickly people are given the right and advice and support.