Controlling money, controlling lives

Financial abuse in Britain

Controlling money, controlling lives [ 270 kb]

Financial abuse is not often talked about. In cases where a partner or family member exerts excessive financial control, harm or exploitation of another, it is also difficult for both perpetrators and victims to talk with friends, family or professionals.

Too often, financial institutions fail to acknowledge financial abuse. In an objective, contractual arrangement between a company and a couple, it is not easy for the company to investigate or act upon information within the privacy of a relationship or family situation. Nor is it easy for victims to approach companies and seek redress or resolution. Furthermore, up until this point, statutory and self-regulators in the financial services industry have done little to ensure banks, lenders and other financial institutions have a set of guidelines to help.

Nor is financial abuse widely reported on in the media; or researched and investigated by academics, agencies or advice givers. While other forms of abuse have rightly been scrutinised, reported and acted upon, financial abuse has remained somewhat hidden. Perhaps seen as less extreme than domestic violence or sexual abuse. Perhaps less obvious in a world of joint accounts and household bills. Perhaps less understood in a world where there is no dictionary definition or line drawn in the sand.