The Surviving Economic Abuse (SEA) charity has released a series of recommendations on how the insurance industry can support victims and survivors of economic abuse within a new report.
Economic abuse is the control of an individual's money and finances, such as income, bank accounts, bills, or insurance. The Financial Conduct Authority (FCA) recognises domestic abuse and economic control as a ‘life event' that can make a customer vulnerable. This type of abuse is involved in 95% of domestic abuse cases recorded in the UK, with one in six women having experienced economic abuse by a current or former partner, according to SEA. Those experiencing economic abuse have been found to face a host of barriers in obtaining and benefitting from insurance protection. For examp...
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