What is financial abuse?

Every day there are people suffering from financial abuse, often with very little knowledge of where to go for much-needed support. Financial abuse can take many forms and can occur irrespective of socio-economic category, level of education, race, sex or ethnicity.

Financial abuse often involves or is associated with:

• Someone taking or misusing someone else’s money or belongings for their own gain
• Harming, depriving or disadvantaging the victim
• Controlling someone’s purchases or access to money
• Other forms of abuse
• Doesn’t always involve a crime like theft or fraud

That might look like:

• Borrowing money and not giving it back
• Stealing money or belongings
• Taking pension payments or other benefit away from someone
• Taking money as payment for coming to visit or spending time together
• Forcing someone to sell their home or assets without consent
• Tricking someone into bad investments
• Forcing or coercing someone to make changes to wills, property or inheritance

How can a Financial Adviser help?

With an increase in the identification of cases of financial abuse and coercive control, there has never been a greater need to offer support to those who sadly fall victim to it. As financial professionals, we are well placed to identify financial abuse and encourage victims to get the help they need. We maintain a list of organisations that can help and will do our best to support anyone who needs assistance in contacting the right service, whilst maintaining a professional and sympathetic approach.