Lucy Rigby, the Economic Secretary to the Treasury, has invited 20 organisations to the Treasury to discuss economic abuse, according to a report. The meeting will include banks such as Barclays, HSBC, Nationwide, NatWest, Santander, and the Financial Conduct Authority. Economic abuse involves controlling or exploiting another person's money and financial resources, a form of coercive control that can trap victims in harmful situations.
2 million women in the UK experienced economic abuse from a current or former partner last year, highlighting the scale of the issue. Lloyds Banking Group has partnered with Surviving Economic Abuse to establish a Domestic and Financial Abuse team, providing specialist support to affected customers. Many firms now support customers to access new bank accounts with non-geographic sort codes to avoid locations being traced, and are part of the Safe Spaces programme, providing a specific space in bank branches for victims.
These initiatives reflect a growing recognition within the financial sector of the need to protect vulnerable customers. Separately, Rigby will meet with top fintech bosses as part of UK fintech week, according to a report. The fintech meeting will include the Innovate Finance Unicorn Council, with members from Monzo, Revolut, and Oaknorth, as well as FCA chief Nikhil Rathi.
The agenda is likely to include the government's deregulation drive and improvements to London listing incentives, as policymakers seek to boost the sector's competitiveness. Payments platform Zilch will hold a separate meeting with Rathi at the Emirates Stadium, focusing on supporting fintechs scaling globally and strengthening the UK's position as a leading hub. Rachel Reeves has launched a 'Scale-Up' regulator for the UK's growing fintech talent as part of a push to galvanise fintech IPOs, signaling a broader effort to retain high-growth companies.