City Minister backs drive to tackle economic abuse  

Surviving Economic Abuse (SEA) – the UK charity dedicated to tackling economic abuse, has launched an industry-leading, practical guide to support financial services firms to identify, prevent, and respond to economic abuse – a dangerous form of domestic abuse. The Government has committed to halving violence against women and girls (VAWG) in a decade. A mission it won’t achieve without placing economic abuse at the heart of its strategy and recognising the key role the financial services sector plays in stamping out economic abuse. In order to meet the scale of the problem, SEA is calling on financial services firms to go even further and consistently provide essential support to victim survivors. 

Lucy Rigby MP, Economic Secretary to the Treasury, said “Tackling economic abuse is a key priority for the Government and an integral part of cracking down on violence against women and girls. I commend SEA’s incredible work, and as City Minister, I remain committed to working closely with industry and across Government to build on the best practice highlighted in SEA’s report.” 

In the past year alone, 4.1 million UK women have had their money and resources controlled by a current or former partner. Perpetrators use economic abuse to trap women in dangerous situations and destroy lives. Financial products and services are frequently weaponised by abusers to exert control and close off routes to escape and rebuild lives. SEA is working with the sector to encourage more financial services firms to develop innovative products and services which are shaped by survivors’ needs and experiences and delivered safely to better protect women from economic abuse. 

The “Good practice guide for financial services: Supporting customers experiencing economic abuse” is informed by the lived experiences of victim-survivors as well as in-depth knowledge and expertise from frontline professionals and industry leaders. It draws on examples of good practice, such as provision of specialist teams, flee funds, and innovative banking tools, alongside offering practical solutions across communication, disclosure, and product design. All of which will mean financial services firms are better equipped to safeguard customers, close down opportunities for economic abuse and ultimately save lives. 

Sam Smethers, CEO of Surviving Economic Abuse, said “The Prime Minister has described economic abuse as a ‘national emergency’. The financial services sector is an important part of the response. The sector’s continued commitment to shutting down economic abuse is to be celebrated and we must build on this momentum. Bold, innovative products and solutions that centre the experiences of victim-survivors aren’t just possible; they’re already happening, but we must go further and faster. SEA’s guide will help the whole sector to ensure all customers are protected – no matter who they bank with. When financial services get this right, the impact isn’t just transformative—it’s lifesaving. Together, we have the power to save lives and end economic abuse for good.” 

The guide has been developed with support from the Aberdeen Group Charitable Trust and the Joseph Rowntree Charitable Trust. Its launch and the progress already made by the financial services sector was celebrated by senior leaders from banks, building societies, industry bodies, government, and Parliament at an event held yesterday (Monday 20th October) at London’s Guildhall (images available). 

Eric Leenders, UK Finance’s Managing Director of Personal Finance, said “Banks and building societies are committed to tackling economic abuse, which harms millions of people across the UK every year. Our research with Surviving Economic Abuse shows that preventing this type of abuse requires collaboration across sectors, and we’re determined to build on our work to do this effectively. We welcome today’s launch of the good practice guide for firms, which will help further support customers experiencing economic abuse.”