Financial services industry commits to a new code of practice to better support victims of financial abuse

Posted On: 
10th October 2018

The financial services industry has committed to providing further support to victims of financial abuse with the introduction of a voluntary Code of Practice.

The Building Societies Association has signed up on behalf of its members. We welcome the Code of Practice and any measures designed to tackle financial abuse and to help victims get the very best support as easily as possible in difficult times.

Financial abuse takes many forms and can be completely debilitating for victims – financially, emotionally or physically. The abuse can stem from partners, friends, family, and carers, and may manifest itself as financial control, dependency, exploitation or sabotage.

Although firms already have robust procedures in place to support victims of financial abuse, the aim of the code is to standardise the approach across the financial services industry so that there is a consistent level of support available.

The principles covered in the Financial Abuse Code of Practice include:

  • Raising awareness and encouraging disclosure
  • Training of colleagues
  • Identification and appropriate response
  • Minimising the need to repeat one’s story in the same organisation
  • Help to regain control of finances
  • Signposting and referrals