Collaborating to Tackle Economic Abuse
Admiral is proud to have supported the Association of British Insurers (ABI), Surviving Economic Abuse (SEA) and the Employers' Initiative on Domestic Abuse (EIDA) in developing its Economic Abuse Good Practice Guides.
Economic abuse is a form of domestic abuse where a person uses money, finances or other economic resources to control, exploit or harm another person. It can leave victim-survivors facing significant financial hardship and can make it much more difficult to leave abusive situations.
At Admiral, we have specialist teams who can support our customers experiencing abuse but these new guides will help financial services organisations, like us, better identify, respond to and prevent economic abuse, and forms part of the industry's efforts to improve outcomes for vulnerable customers and support the Government's Financial Inclusion Strategy.
The guides were launched in the House of Lords where Baroness Morgan of Cotes highlighted how many people are victims of economic abuse and Lucy Rigby MP for Northampton North and Economic Secretary to the Treasury asked financial services firms to be committed to helping tackle this form of abuse as it can have a devastating impact on peoples’ lives.
Admiral colleagues at the event heard the charity, SEA, share stories from survivors of economic abuse and asked financial services firms to use the guides and hold themselves to account in putting measures in place to ensure customers and colleagues feel supported.
We recognise that we can play an important role in helping to identify abuse, reducing opportunities for it to occur and supporting victim-survivors and are committed to helping people when they need it most.