Economic abuse survivors will receive better help from banks due to the roll-out of a new information tool, a trade body announced.
The Economic Abuse Evidence Form (EAEF) created by Money Advice Plus (MAP) and Surviving Economic Abuse (SEA) has been launched across 25 banks and building societies.
All major banks have agreed to use the information tool, according to UK Finance, plus other firms including The Co-operative Bank, Starling Bank and Monzo.
It means if you have been the victim of economic abuse, you no longer need to contact every financial firm involved in the debts. Doing so can often cause more trauma as survivors retell and relive the abuse they went through.
Last year, five-and-a-half million people experienced this form of domestic abuse, according to research from SEA. Those who did will, on average, have debts with five different creditors.
This form of domestic abuse occurs when an abuser controls a partner’s finances or racks up debt on purchases in their name.
Further, almost two-and-a-half million people had access to their bank account restricted by their current or ex-partner in 2023.
However, once the EAEF is completed, a qualified debt adviser can communicate with any relevant banks if someone completes the form and says they have experienced economic abuse.
Since its pilot roll-out, there have been fewer requests for additional information and banking providers have provided quicker responses of support to more survivors.
As well as the tool, over the last year, banks including Nationwide, HSBC and Santander have introduced safe spaces for domestic abuse victims to receive support.
‘More still needs to be done’
Fiona Turner, head of vulnerability policy at UK Finance, said: “The journey to financial freedom for victim-survivors of economic abuse can be complex and challenging.
“Firms accepting the EAEF is positive progress that will simplify the process, reduce the risk of trauma associated with multiple notifications and enable the victim-survivors to access the support they need. But we know that more still needs to be done.”
Turner added: “This achievement is one step of many recommended in our recent report From Control to Financial Freedom, and we look forward to continuing our work in collaboration with Government, regulators, our charity partners and the industry to help those impacted by economic abuse.”
Sam Smethers, interim chief executive officer of SEA, says the actions of perpetrators make it difficult for survivors to leave and rebuild their lives, due to the high amount of debt racked up.
Smethers said: “The EAEF will simplify the process for survivors, reducing the need for them to relive the abuse and help them access the support they need from creditors more quickly and easily.”
If you are experiencing or have previously been through economic abuse, where your money has been withheld or spent without your consent by a partner or ex, SEA offers a range of support.
