Businesses commit to banning the misuse of their products and services for financial abuse
Twenty-one Australian businesses from various sectors, including telecommunications, banking, insurance, education, and technology, are taking a stand against domestic and family violence perpetrators in a world-first initiative.
Suncorp Group, Optus, IAG, University of NSW, and 16 banks are among the first to pledge support for the national Respect and Protect initiative led by Flequity Ventures, a social enterprise focused on disrupting financial abuse through better product design.
Its founder and director, Catherine Fitzpatrick, previously collaborated with the Centre for Women’s Economic Safety on the “Designed to Disrupt” discussion papers, which encouraged industry action on financial safety.
As part of the Respect and Protect initiative, each business has committed to banning the misuse of their products and services for financial abuse by updating their terms and conditions or policies. These changes are now available on the new Respect and Protect website, which also features testimonials from industry leaders and consumer and community advocates.
“Suncorp acknowledges the impact financial abuse can have on our customers, including the misuse of financial products and service to cause harm,” said Lisa Harrison (pictured), chief executive of consumer insurance at Suncorp Group.
“Suncorp is taking steps to update our financial abuse and inappropriate behaviour terms and conditions to reflect that a bank account and an insurance policy is no place for financial or other types of abuse and using them in this way can have serious impacts.”
According to the Australian Bureau of Statistics’ 2023 Personal Safety findings, economic abuse affects 2.4 million Australian adults, including one in six women and one in 13 men.
Suncorp Group was the first Australian insurer to introduce a “Conduct of others” clause in its consumer insurance policies. This clause protects customers by enabling claims teams to respond when a policyholder is prejudiced by the acts of another policyholder or those with a financial interest in the policy.
Suncorp Group said it supports employees affected by domestic and family violence or those working with impacted customers. This support includes leave from work, adjusted work arrangements, specific training, and connections to external support.
The company provides ongoing training for leaders on supporting vulnerable customers and collaborates with services like Uniting’s CareRing, which offers extra support for those in need. Suncorp’s CareRing referral service includes a dedicated case manager, referral pathways to community and health services, and financial assistance for specialist requests.
Suncorp’s Customer Advocate Office is also committed to supporting and protecting customers and employees who are victims of financial abuse.
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