The Office for Women is looking to improve women’s financial security and wellbeing with the release of a free new resource for financial services.
Launching its Guide to Prevention and Action on Financial Abuse within the Financial Service Sector, the Office for Women said the guidance would help the financial services sector and related sectors to understand better how their financial products may be used in the financial abuse of women.
The Office said its Guide provided user-friendly advice and checklists for businesses to understand how their products or services may be used to abuse women.
“Financial abuse is a form of intimate partner violence where a perpetrator deliberately controls a victim’s access to, use of, or ability to control their finances,” the Office said.
“It often occurs alongside other forms of violence, or on its own after physical contact has ceased,” it said.
“Women will experience improved financial security and wellbeing as the financial sector makes important changes to their products and services.”
In addition, the Office said the sector would benefit from the reduced need for financial hardship services.
“This Guide moves organisations from recognising and responding to violence to preventing financial abuse,” it said.
“It encourages business to understanding how their products or services may be used to perpetrate abuse and develop a plan to prevent harm and mitigate risks.”
The Office said the Guide also contained a set of principles to assist organisations to prevent the risk of financial abuse, mitigate harms through a plan, and to embed safety and ‘person-first’ approach within their policies, processes, products, services and culture.
“Changes could include the design of products and services, additional employee training, communicating the implications or risks of financial abuse and the support your organisation provides for victim-survivors of financial abuse,” it said.
It said the Guide was produced by Swinburne University of Technology, RMIT University, South East Community Links and Good Shepherd Australia New Zealand.
The Office’s 35-page Guide to Prevention and Action on Financial Abuse within the Financial Service Sector can be accessed at this PS News link.
