UK Finance calls for help for abuse survivors

UK Finance has published a report looking at the problems that victim-survivors of economic and financial abuse face when they try to regain financial independence. The report notes the 2021 Financial Abuse Code, which has many signatory financial services firms, but also says there is much more that can be done, and makes several recommendations for further change, including:

  • developing an option of blocking payment references to prevent abusers being able to message their victims;
  • a “tell us once” type system for victim-survivors to disclose abuse to multiple organisations;
  • support for getting professional advice;
  • a quick pathway for prosecutions; and
  • better support including CCA guidance on how to split joint unsecured debt where there is no consumer agreement or Court Order and adjustments to lending policies to allow temporary agreed adjustments when a victim-survivor is looking to become the sole borrower on a joint mortgage.

Emma Radmore