Victim-survivors of economic abuse are more likely to talk to their bank than reach out to a specialist domestic abuse service (Sharp-Jeffs, 2015). In a recent interview with Lloyds Banking Group (LBG), our CEO Nicola Sharp-Jeffs discusses this unique position, and the hugely positive impact financial institutions can have on the economic security of victim-survivors.
After sitting down with Jane Roderick, head of strategy and engagement, customer inclusion at Lloyds Banking Group, Nicola reflected, “So very proud of our LBG partnership, supporting customers to take back economic control, regain stability and move on safely. Seeing a vision become a reality is the best feeling ever.” Through this partnership, we’ve supported the Group as it has explored how to best meet the needs of victim-survivors.
In 2019, LBG launched a dedicated team to provide specialist support to customers experiencing or living with the effects of economic abuse. Alongside the charity Tender, SEA delivered training to the team to help improve understanding of economic abuse and provide members with the tools necessary to effectively recognise it and respond effectively. Training also considered the ways in which perpetrators use financial products and systems to extend or maintain control.
Lloyd Banking Group was also among the first to pilot the pioneering Economic Abuse Evidence Form (EAEF) developed in partnership with Money Advice Plus (MAP). EAEF provides a single mechanism through which money or debt advisors can tell a creditor that their client has experienced economic abuse. The form also acts to verify the evidence of coerced debt and ensure the victim-survivor only needs to tell their story once.
With financial institutions such as Lloyds discussing economic abuse so prominently, we’re hopeful that such conversations become more mainstream and that such levels of support become commonplace.
“Banks are stepping up to deliver support. They are recognising abuse is an issue for the whole of society not just domestic abuse services. As always, the work of Surviving Economic Abuse (SEA) is inspiring. “ – Heena Kang, Wellbeing Manager at Bank Workers Charity
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