Financial Abuse: The Silent Crime We Must All Be Aware Of
Financial abuse is often a hidden form of control that can leave victims feeling powerless and trapped. Unlike physical abuse, it can be difficult to detect, but its impact is just as devastating. As fully independent financial advisers, we are in a unique position to spot the signs of financial abuse, and we take our responsibility seriously in addressing this issue and supporting those affected.
What is Financial Abuse?
Financial abuse occurs when one person exerts control over another’s financial resources without their consent. This can take many forms, including:
- Restricting access to money or financial accounts
- Forcing someone to take on debt
- Controlling how money is spent
- Preventing a partner from working or earning their own income
- Stealing or misusing funds, including pensions and savings
It often occurs in the context of domestic abuse but can also affect vulnerable adults, including the elderly and those with disabilities.
Our Role as Financial Advisers
At our firm, we take financial abuse seriously. Our advisers are trained to spot the signs of abuse and offer appropriate support. We have Domestic Abuse Champions within our organisation in both our IFA and Mortgage Adviser Teams who are educated to identify financial abuse and signpost individuals to specialist help.
When we suspect financial abuse, we approach the situation with sensitivity and discretion. While we are not legal or domestic abuse experts, we can provide a safe space for clients to talk, help them regain financial independence, and direct them to professional support services.
How We Can Help
If you or someone you know may be experiencing financial abuse, it’s important to seek help. There are organisations that specialise in supporting victims and helping them regain control over their finances. We work closely with these organisations to ensure those affected receive the right guidance and protection.
Financial abuse is a silent crime, but by raising awareness and taking action, we can help prevent it and support those who need it most. If you have concerns about your financial situation or someone else’s, please don’t hesitate to reach out to us. We are here to help.