You are here: Home - Saving & Banking - News -

Lloyds launches support service for abuse victims

Written by: Emma Lunn
Victim of financial, economic and domestic abuse can access the bank’s specialist support team.

Lloyds Bank, Halifax and Bank of Scotland customers who are the victims of abuse will be offered financial guidance as well as directed to specialist charities for emotional and practical support.

The service will support customers on various financial issues including how to manage joint accounts, options for opening new accounts, and advice on dealing with debts such as loans or mortgages.

Lloyds is also introducing terms and conditions changes which allow a party to be removed from a joint account where one of the account holders has been the victim of financial abuse.

According to Mankind Initiative, 13.2 per cent of men and 28.9 per cent of women and aged 16 to 59 had experienced some form of domestic abuse since the age of 16, equivalent to an estimated 2.2 million male victims and 4.8 million female. For every three victims of domestic abuse, two will be female, one will be male. One in four women and one in six to seven men suffer from domestic abuse in their lifetime.

Lloyds says it recognises that financial abuse is a UK wide issue and says that raising awareness will reduce any stigma. Staff training has been designed specifically for the support service team to develop deep understanding of domestic, financial and economic abuse, working in partnership with the Lloyds Bank Foundation, Tender, and Surviving Economic Abuse charities.

As part of the training the specialist support team has learned how to better recognise the specific challenges victims and survivors face, and provide detail on tailored financial options that Lloyds can provide, to help them fulfil their banking needs.

Fiona Cannon, Lloyds Banking Group responsible business, sustainability and inclusion director, said: “The introduction of the specialist support team to help victims of financial and economic abuse is an important next step in both raising awareness and supporting our customers. We believe it is essential that customers know that they can speak to us and we have a specialist team that can support their personal situation.”

Dr Nicola Sharp-Jeffs, director of Surviving Economic Abuse, said: “SEA is proud to support Lloyds Banking Group in delivering an informed and high-quality service to customers who may be experiencing economic abuse. Financial services have a crucial role to play in tackling economic abuse and this is a brilliant example of the work being rolled out across the industry.

“It’s fantastic to be working with Tender on training Lloyds Banking Group staff on how to better recognise the specific challenges victim-survivors face. This will encourage them to come forward and be supported to achieve the economic stability that they need.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week