Practical Protection Podcast: Economic Abuse

Hi everyone. We are going to be discussing economic abuse and I feel that it’s important to say that this episode might make some people feel uncomfortable. I hope that you do find the episode useful but please do take care.

Related topics:  PPP,  podcast
Kathryn Knowles | Cura Financial Services
16th May 2023
Kathryn Knowles Cura
"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.

To listen to the episode, follow the link here

Don’t forget to claim your CPD certificate once you have listened to this episode, follow the link here

 

RELATED ARTICLES:

Surviving Economic Abuse: Consumer Duty Briefing

Surviving Economic Abuse: Insurance and Economic Abuse

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