UK banks and ministers unite to tackle economic abuse

Some of the UK’s biggest banks and financial firms will meet government ministers next month to address economic abuse.

Treasury minister Lucy Rigby has invited 20 organisations to discuss how to raise awareness and improve support for victims.

The talks will also focus on practical steps to help people regain control of their finances.

Who is attending?

• Surviving Economic Abuse
• Financial Conduct Authority
• UK Finance
• Experian
• Equifax
• TransUnion
• Lloyds Banking Group
• TSB
• HSBC
• NatWest
• Nationwide
• Barclays
• Santander
• Starling Bank
• Monzo
• The ABI
• AXA UK
• Aviva
• Skipton Building Society
• Yorkshire Building Society

What is economic abuse?

Economic, or financial, abuse is a form of coercive control.

It happens when someone controls another person’s:

• money
• bank accounts
• spending
• bills
• borrowing

It can also include limiting access to basic needs like:

• food
• housing
• transport
• clothing
• technology

Around 4.2 million women in the UK experienced this type of abuse in the past year, according to the charity Surviving Economic Abuse.

Banks have started taking action. Some now offer accounts that hide your location, and many provide safe, private spaces in branches for people seeking help.

Warning signs to look out for

One person controls all the money

You may have to ask for money or be given an ‘allowance’.

Your spending is checked

You’re asked for receipts or questioned about small purchases.

You’re stopped from working

A partner may discourage or interfere with your job.

Money is withheld

You’re denied essentials like food, clothes, or medication.

You must hand over your pay

Your income is taken or controlled by someone else.

Money is kept secret from you

This can include hidden bills, debts, or large purchases.

Other warning signs

• missing money
• unpaid bills
• being cut off from friends or family
• sudden drop in living standards
• assets moved without explanation
• a partner becoming angry when you ask about finances

Financial abuse involves controlling or exploiting someone’s money or assets, often by someone they trust.

Examples can include:

• taking money or valuables without permission
• scamming vulnerable people
• forcing someone to change their will

Where to get help

If you suspect financial abuse, it’s important to take action. Financial abuse often occurs alongside other forms of abuse.

If you are in immediate danger, call 999.

If you are concerned about your safety, you can contact the following 24-hour domestic abuse helplines:

• National Domestic Abuse Helpline (England): 0808 2000 247
• Live Fear Free Helpline (Wales): 0808 80 10 800
• Domestic Abuse and Forced Marriage Helpline (Scotland): 0800 027 1234
• Domestic and Sexual Abuse Helpline (Northern Ireland): 0808 802 1414

If you need advice about financial abuse, Surviving Economic Abuse offers specialist support.

You can also contact the Financial Support Line on 0808 196 8845 for confidential advice.

Read more about spotting the signs of financial abuse.