NatWest has launched a review into how it can better support customers who have been impacted by acquired coercive debt.
This debt is often generated through financial transactions which the victim is told to make by partner or family member, in a context where there is a negative outcome for non-compliance.
Partnered with domestic abuse charity SafeLives, the bank will examine internal processes and practical solutions available to customers who have been affected by economic abuse.
Earlier the year, NatWest announced a £1m fund to support victims of domestic and economic abuse.
Alison Rose, CEO at NatWest said: ‘‘Economic abuse is one of the mechanisms for coercive control, which can have truly devastating impacts on people’s lives. At NatWest we want to drive change in this area through the review.
‘‘This is just one way we are building on our partnership with SafeLives to help empower our customers through financial education, with the goal of keeping them safe in difficult circumstances.’’
She added: ‘‘As a bank we are committed to championing people and families, and we have specialist staff at NatWest making a practical and important difference in people’s lives.
‘‘Our dedicated specialists have a clear understanding of how to recognise and respond to coercive control – including economic abuse – and of the importance of ensuring survivors’ safety.’’