Leading banks and financial services in the UK will convene with government officials next month to outline their actions against economic abuse, a form of exploitation where one person controls another’s financial resources. Lucy Rigby, the Economic Secretary to the Treasury, has invited 20 organizations to discuss strategies for raising awareness about this issue and implementing supportive measures to help victim-survivors regain financial autonomy.

Economic abuse encompasses behaviors such as restricting access to money, incurring debt in the victim’s name, and monitoring their expenditures. According to Surviving Economic Abuse, 4.2 million women in the UK encountered economic abuse from a partner last year.

Among the entities attending the Treasury meeting are Barclays, HSBC, Nationwide, NatWest, Santander, and the Financial Conduct Authority. Economic Secretary Lucy Rigby KC MP emphasized the importance of combatting economic abuse, stating that the industry must intensify efforts to protect victims and prevent further instances of control and exploitation.

Recent developments include Lloyds Banking Group’s collaboration with Surviving Economic Abuse to establish a specialized team dedicated to supporting customers affected by economic abuse. One survivor, Natalie, shared her experience of regaining financial control with the assistance of this team after being directed by SEA to Lloyds.

The government highlighted industry progress, such as offering new bank accounts with non-geographic sort codes to protect customer privacy. Additionally, many firms participate in the Safe Spaces initiative, providing confidential support for domestic abuse survivors in designated locations like bank branches.

An online tool has been introduced to aid call handlers in identifying and addressing cases of economic abuse. Sam Smethers, CEO of Surviving Economic Abuse, commended the positive impact of supportive responses from financial institutions in aiding survivors and deterring abusers.

The Economic Secretary to the Treasury has called for continued collaboration and improvement within the industry to ensure consistent and effective support for survivors, disrupt perpetrators, and ultimately eradicate economic abuse.

The firms and organizations invited to the meeting by the Economic Secretary to the Treasury include a range of leading financial institutions and regulatory bodies.