MoneySavingExpert reports the “major banks pledge to help financial abuse victims”

Published: 19 December 2018

The Major high street banks have signed up to a voluntary code of practice to help victims of financial abuse. The code, which has 6 main principals, seeks to identify financial abuse and support victims. “It's based on recommendations from the Financial Services Vulnerability Taskforce, which includes organisations such as banks, consumer groups and charities.” “Financial abuse is a way of controlling a person's ability to earn or use their own money or financial resources, and is often seen alongside other types of abuse. People can be financially abused by partners, family members or carers – anyone can be a victim, but older people can be particularly at risk. Financial abuse can take the form of control, exploitation or sabotage – examples could include running up debts in a partner's name, or not allowing someone access to their bank accounts or income. “ Read the full article