A new partnership between major banks and a domestic abuse charity aims to prevent abusive ex-partners from using joint mortgages to manipulate and harm victims. HSBC UK, First Direct, and Surviving Economic Abuse (SEA) are joining forces to tackle this form of financial abuse, which can push victims into debt, homelessness, and financial ruin.
Tackling economic abuse
Economic abuse, a lesser-known but highly damaging form of domestic abuse, occurs when an abuser controls their partner’s financial resources. This can involve restricting access to money, sabotaging employment, taking out debts in their name, or, in extreme cases, leveraging joint mortgages to maintain control long after the relationship has ended.
For many victims, joint mortgages become a tool of coercion, as abusers refuse to contribute to payments or block attempts to sell the property, leaving victims trapped in financial hardship. Some are left with mounting debt, forced to live in unsafe situations, or even rendered homeless.
Recognising the urgent need to address this issue, SEA is working with HSBC UK and First Direct to improve awareness, identify at-risk customers, and develop practical support measures for those affected.
Training bank staff to spot abuse
SEA will deliver specialist training to HSBC UK and First Direct employees, equipping them with the skills to recognise economic abuse and offer appropriate support. Staff will be trained to spot warning signs such as unusual financial patterns, coercion in banking decisions, and cases where one partner is deliberately obstructing mortgage payments or sales.
Beyond frontline staff, SEA will collaborate with mortgage teams to develop targeted solutions for victims. This could include creating new policies that prevent abusers from exploiting joint financial products and streamlining support for those trying to separate their finances from an abusive partner.
Sam Smethers, interim CEO of SEA, stressed the devastating impact of economic abuse, saying:
“Abusers are weaponising joint mortgages to devastate people’s lives. Many end up trapped with the abuser or facing homelessness and destitution. Together with HSBC UK, we’ll support them to help victim-survivors take control of their finances and safely rebuild their lives.”
A wider industry responsibility
HSBC UK, which has taken steps in recent years to enhance protections for vulnerable customers, emphasised the role of financial institutions in tackling economic abuse.
Jose Carvalho, head of wealth and personal banking at HSBC UK, highlighted the importance of industry-wide action, stating:
“All providers in the finance industry and beyond have a role in tackling this issue, and we are proud to partner with Surviving Economic Abuse to strengthen protections for those affected.”
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He added that by working together, financial institutions can help ensure that no victim-survivor is forced into homelessness or financial hardship due to an abusive partner’s actions.
Ongoing efforts to address financial abuse
This initiative is part of a broader movement to address economic abuse in the UK. Campaigners have long called for stronger legal protections, improved financial literacy for victims, and greater accountability for financial institutions in recognising and responding to abuse.
Banks are increasingly expected to play a proactive role in safeguarding customers, with measures such as specialist domestic abuse support teams, enhanced fraud prevention tools, and tailored financial assistance for those escaping abusive relationships.
With the cost-of-living crisis placing additional strain on vulnerable individuals, addressing economic abuse is more critical than ever. The collaboration between SEA, HSBC UK, and First Direct marks a significant step towards ensuring that financial systems do not become tools of control for abusers but instead offer a pathway to independence for those seeking to rebuild their lives.
As these efforts continue, campaigners hope that more financial institutions will follow suit, ensuring that survivors of economic abuse receive the protection and support they need.
