"With Consumer Duty now in force, supporting vulnerable clients has gained even more attention than before, and economic abuse is certainly an area that is covered by this."
TW: Discussion of economic abuse.
I am joined by Lauren Garrett from the Surviving Economic Abuse charity, to talk about how we as advisers can do our part to help people experiencing this. Economic abuse is now formally recognised as a form of domestic abuse and there are things that we can do as advisers to spot it, prevent it, and help people that are living in this situation.
Three key takeaways:
- Economic abuse can happen to anyone, it does not matter how high or low a person’s income is.
- Economic abuse often starts out in a subtle way and builds over time, it is very hard to see from both inside and outside of the relationship
- 1 in 6 women will experience economic abuse at some point in their life, and men will experience it too
With Consumer Duty now in force, supporting vulnerable clients has gained even more attention than before, and economic abuse is certainly an area that is covered by this. We are talking about potential indicators of economic abuse, how we can structure advice to try and prevent it and the calls that SEA have upon the insurance industry to minimise the risk of insurance playing a part in this form of abuse.
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