FINANCIAL ABUSE CODE ON THE WAY

The financial industry has announced a new code of practice to help protect the shocking one in five UK adults who suffer from financial abuse.

The code is being rolled out over the next year with 10 of the largest high street financial firms committed to bringing it in. It includes raising awareness of the issue and training staff so they can provide the right support to customers who are victims.

The next stage is a leaflet that provides information and guidance for anyone experiencing, or who knows someone that is a victim of, financial abuse.

It explains what financial abuse can look like, who could be at risk and what it may involve – from people being prevented from working to being asked to account for every single penny they spend, or a partner taking out credit cards or loans in their name.

It gives contact details for emergency organisations that can help and explains ways victims can stay safe.

INFORMATION

The leaflet is downloadable as a PDF from ukfinance.org. uk/financial-abuse-advice or printed versions will be available in bank and building societies as required.

Some financial firms, charities and victim support organisations will have copies too, to ensure this vital information is available to anyone who needs it.

Commenting on the publication of the leaflet, Eric Leenders, Managing Director of Personal Finance at UK Finance, said: “Abuse can happen to anyone and whether you or a person you know is a victim, taking those first steps to seek help is incredibly brave.

“We know how important it is to support customers who might have experienced financial abuse and the industry is making significant progress to help combat it.

“Last year, UK Finance announced the Financial Abuse Code of Practice which provides guidance for banks and building societies so that customers can be confident they will be treated sympathetically and positively if they find themselves in these particularly difficult circumstances.

“This new leaflet provides information on what to do if it happens and the support they can get from their financial services firm.”