Rebecca Glenn

A new report released today by the Centre for Women’s Economic Safety (CWES) calls for general insurers to disrupt domestic violence in Australia by re-designing products to prevent financial abuse.

Rebecca Glenn, CEO of CWES, says the second Designed to Disrupt discussion paper proposes a Financial Safety by Design framework for general insurers to make it harder for perpetrators to misuse products and services as a tactic of coercive control.

“We are seeing abusers use a range of tactics to manipulate insurance products to cause harm, including vehicle, home and contents, and personal insurance products,” Ms Glenn said.

“For example, perpetrators of abuse change or cancel joint policies without the knowledge of their partner or former partner, or redirect the payment of claims to accounts that partners do not know about or cannot access.

“In many cases, insurance policy terms and conditions prevent the payment of claims for damage caused by a policy holder. In instances where an abuser deliberately damages an asset covered by a joint policy, a victim-survivor may have an insurance claim denied.

“These actions may leave victim-survivors, usually women, in very difficult financial circumstances, with damaged assets and no recourse through insurance.

“But there are simple steps insurers can take to assist victim-survivors of financial abuse and to prevent it from occurring in the first place.”

The report makes 19 recommendations that aims to spark discussions with the 90 general insurers in Australia, plus government, regulators and consumer advocates. It calls for:

• All general insurers to close loopholes that enable perpetrators to cancel insurance policies without the knowledge or consent of victim-survivors
• The general insurance industry to include a ‘conduct of others’ clause as a standard, enabling victim-survivors to make a claim when perpetrators deliberately damage property
• The government to modernise the General Insurance Act so that products can be redesigned with features that protect against financial abuse.

Report author and UNSW School of Social Sciences Adjunct Associate Professor Catherine Fitzpatrick said, “General insurance is designed to provide financial protection from unexpected events. But too often victim-survivors of domestic and financial abuse find they don’t have the coverage they thought – either through deliberate tactics of perpetrators or due to common insurance rules and exclusions which penalise them.

“While insurers are making improvements, our research found a lack of consistency across the industry. This means some victim-survivors will receive support that is empathetic and trauma-informed, with flexibility that enables solutions tailored to their individual needs. Others continue to struggle with dismissive or judgmental staff, risks to their safety or compounding financial hardship.

“The Insurance Contracts Act needs to be modernised to strike a fairer deal for victim-survivors and create consistency across the sector, with a clear framework for insurance companies already working hard to update their policies, processes and practices to improve customer outcomes.

“If the law can contemplate foreseeable risks like floods, it could reasonably include the risk of domestic and financial abuse.”

Co-CEO of Financial Counselling Australia, Dr Domenique Meyrick said, “this significant report from CWES is anchored in lived experience and echoes what financial counsellors are seeing in their casework.

“There’s so much that the insurance sector can do to prevent its products from being weaponised and to support people affected by financial abuse.

“The Designed to Disrupt report on general insurance promises to be a powerful catalyst for change.”

Economic abuse includes financial abuse and is a form of domestic and family violence where a partner or family member exerts control through economic resources, including money, banking, insurance products, employment, transport and property, to limit a person’s autonomy and undermine their economic wellbeing.

At least 1.6 million women will experience economic abuse during the course of their life, with a direct cost to victim-survivors estimated to be $5.7 billion each year.

On International Women’s Day, the Centre for Women’s Economic Safety is urging general insurers to recognise how their products are misused and take strong action to prevent financial abuse.

Designed to Disrupt: Reimagining general insurance products to improve financial safety is the second in a series discussing how the finance sector can identify and mitigate the risks of financial abuse. It follows the launch of a 2022 paper looking at the banking industry. Since then,14 Australian banks have updated their terms and conditions to recognise financial abuse.

Read the report.

The post Report calls for re-design of insurance products and law modernisation to protect women from financial abuse appeared first on AdviserVoice.

Rebecca Glenn

The Centre for Women’s Economic Safety (CWES) has welcomed the move by another of Australia’s big four banks to address financial abuse in its Terms and Conditions.

ANZ has announced new Terms and Conditions (T&Cs) on its digital transaction and savings product which state that financial abuse is unacceptable conduct and that people who inflict financial abuse through the product may be warned or exited from the bank.

It follows announcements by NAB, Westpac and the Commonwealth Bank that they will change their terms and conditions on a range of bank products to address financial abuse.

The announcement comes in response to recommendations in the CWES’ Designed to Disrupt report, which called on banks to redesign products to improve financial safety.

CEO of CWES, Rebecca Glenn, says “All four of Australia’s big banks have now adopted the recommendation to change Terms and Conditions.

“This is a significant step in the right direction to explicitly challenge financially abusive behaviour.

“Any action banks can take to mitigate harm experienced by victim-survivors of financial abuse and make it harder for perpetrators to misuse products, is welcome news.”

Designed to Disrupt author and Adjunct Associate Professor at UNSW School of Social Sciences, Catherine Fitzpatrick, says “Customers of Australia’s major banks are now on notice that misusing their products and services as a tactic of coercive control is unacceptable.

“I’d encourage everyone to read the fine print of their bank accounts and ask their bank what they are doing to protect victim-survivors of financial abuse and to put perpetrators on notice. If all Australian banks followed the lead of the big four, it would send a clear message to the community that it’s not okay to control people through their access to money.”

Domestic, Family and Sexual Violence Commissioner Micaela Cronin welcomed the announcement saying, “These are practical changes that will make a meaningful difference for people escaping violence.

“The four banks have shown real community leadership in recognising that the systems we build can be weaponised, and being proactive in redesigning those systems to prevent harm.”

Financial Counselling Australia CEO, Fiona Guthrie, says “Financial counsellors will be delighted that all of the major banks have acted to stamp out financial abuse by changing the terms and conditions of their products. Well done ANZ, Comm Bank, NAB and Westpac. 2

“We now call on the rest of the banking industry to make the same changes. It is never acceptable for people to use the banking system to perpetrate financial abuse. Sending someone an abusive message through a banking transaction is not a benign act. It is a deliberate strategy by the sender, often designed to harass, threaten or incite fear in the recipient.

“Changing the terms and conditions to be clear that this kind of behaviour is unacceptable is an important step in reducing family violence. But safety by design is an all encompassing approach. The next stage is for the banking industry to look at all of their products using a safety lens aiming to reduce, and if possible, prevent financial abuse.

“All of us have a role to play in reducing family violence and it is good to see the major banks playing their part.”

In its Designed to Disrupt report published late last year, CWES called on all Australian banks to redesign products to improve financial safety. It called for banks to start by changing their terms and conditions to make it clear that a bank account is no place for abuse and that they will take action against customers who misuse their products to cause harm.

In March, CWES conducted a desktop review of the T&Cs of the 20 Australian Banking Association (ABA) member banks to measure the baseline and found:

• None of the 20 banks referenced financial abuse in T&Cs.
• 9 banks describe the misuse of payment descriptions to send abuse as unacceptable behaviour.
• 6 banks describe the consequences for the misuse of payment descriptions to send abuse, with 4 citing it as a reason to close an account.

The Designed to Disrupt report draws on the eSafety Commission’s Safety by Design for the technology sector and proposes the finance sector commit to a tailored framework. The report outlines changes to financial product design to improve safety and counter the ways products are weaponised. For example, setting up every joint account with separate passwords, logins and portals for each person so it’s simpler and safer to separate if the relationship ends or is abusive.

The post Australia’s big four banks move against financial abuse appeared first on AdviserVoice.

Rebecca Glenn

Westpac has given its backing to a new report by the Centre for Women’s Economic Safety and will take action on key recommendations.

The detection and prevention of financial abuse is a priority for the bank and Westpac has already acted in key areas recommended by the Centre for Women’s Economic Safety. These include:

• 48,000+ transactions blocked containing abusive messages
• account terms and conditions have been adjusted to include reference to abusive transactions
• our Gambling Block feature helps customers plan and manage their personal credit and debit card spend by preventing the authorisation of gambling transactions
• product and design distribution processes are being improved to include Safety by Design principles, allowing more robust discussions about safeguarding our customers’ interests and taking action to prevent harm or misuse
• building stronger considerations of fairness and customer vulnerability into existing processes.

“We’ve been working for several years on helping prevent financial abuse and protecting our customers in vulnerable circumstances”, said Westpac’s General Manager, Customer Solutions, Lisa Pogonoski.

“This report shines a light on the issue and demonstrates why it must remain at the forefront for the entire industry. At Westpac, we’ve already acted on key recommendations and will accelerate steps to consider other areas identified for action.”

Westpac endorses the report’s findings, and has already acted on the following key principles:

• a bank account is no place for abuse
• financial abuse has serious impacts on victim-survivors
• customers who misuse products and services will be warned or exited from the bank
• in some circumstances, their tactics will be reported to law enforcement.

Today, Westpac is committing to further consideration of the report’s other findings, including:

• ensuring terms and conditions reflect our no tolerance approach to financial abuse
• as Chair of the Australian Banking Association, Westpac will encourage consideration of an industry-wide commitment to a financial Safety by Design framework.

“We commend Rebecca Glenn and Westpac’s former Customer Vulnerability Director Catherine Fitzpatrick for their work on this vitally important issue. Westpac will use the report to continue to improve the way we detect and prevent cases of financial abuse,” Ms Pogonoski said.

The post Westpac acting on women’s safety appeared first on AdviserVoice.

Rebecca Glenn

The Centre for Women’s Economic Safety (CWES) has hailed the inclusion of ‘economic abuse’ in the new National Plan to Eliminate Violence Against Women and Children 2022 to 2032, as a breakthrough moment in Australia’s efforts to address the scourge of domestic and family violence.

“For the first time, there is national recognition of the importance of addressing economic abuse in women’s experiences of domestic and family violence,” said Rebecca Glenn, CEO of the CWES.

“For too long, women’s experiences of economic abuse have been made invisible despite the significant impact it has on their safety, wellbeing and choices. The last national plan didn’t even mention economic abuse.

“Despite recognition that women who experience domestic and family violence experience higher rates of poverty, we haven’t focused enough on how perpetrators create this outcome by their actions to restrict, exploit and sabotage their partner’s economic resources.

“The National Plan outlines some of the key steps we can take as a society, across all sectors, to improve outcomes for women who currently face the unenviable choice between violence or poverty,” said Ms Glenn.

Economic abuse is one of six key areas of focus in the new National Plan, alongside the interconnected issues of coercive control, technology-facilitated abuse and intimate partner homicide.

“We know that without economic safety, there is no safety, and we’re delighted that this has now been recognised and incorporated into a national strategy to eliminate domestic and family violence.

“We also welcome the focus on lived experience insights informing policies and solutions. Without the work being in grounded in people’s lived experiences, we can inadvertently end up with a lot of platitudes and wasted money.

“CWES looks forward to playing its part in the National Plan by working with people and organisations across sectors to address economic abuse.

“We will be launching a Discussion Paper next month that outlines the role banks can play in reimagining the design of their products so they are less able to be weaponised by perpetrators to cause financial harm.”

The post CWES welcomes “breakthrough” National Plan to Eliminate Violence Against Women and Children appeared first on AdviserVoice.

Tomorrow Makers Jed Lusthaus, Jennie Hudson, Clive McFarland, Allegra Neve, Neil Pennock, Rebecca Glenn and Hema Fefita pose for a photo with AMP Chief Executive Alexis George and MC Adam Spencer.

AMP Foundation has announced A$1 million in AMP Tomorrow Fund grants to 27 Australians who, despite a challenging year, have made inspiring and meaningful contributions towards addressing some of the country’s most significant community issues.

The 2021 recipients, known as AMP Tomorrow Makers, are aged between 13 and 65 and are tackling a range of challenges and opportunities, including rural food security, children’s mental health, youth justice, female economic participation and Indigenous language preservation.

Established in 2014, the AMP Foundation has so far provided A$8 million in grants to more than 330 talented Australians working across a range of fields, including science, social innovation, sports, technology, arts, health and education.

Head of AMP Foundation Helen Liondos commented:

“This year the popular grants program attracted many high achievers who worked steadfastly to create positive change, despite all that 2021 threw at them.

“Every year we are amazed by the level of talented and enterprising people this program reveals, and 2021 has not disappointed. This year’s recipients are extraordinary individuals, with huge reserves of optimism and resilience in equal measure. They include 10 social innovators who are coming up with smart responses to some of our society’s biggest challenges.

“Around two-thirds of our winners are female, which reflects the higher rate of women we’ve seen  applying to be Tomorrow Makers over the past three years. Three of our Tomorrow Makers are working on projects designed to strengthen First Nations communities, four are scientists aiming to solve big challenges and seven are addressing health issues.

“Our Foundation has drawn a lot of inspiration from all 27 recipients, and we know the community will too.”

The 2021 AMP Tomorrow Makers include:

• Vanessa Farrelly: Pertame Southern Arrernte leader who runs a Batchelor Institute project in Alice Springs (Mparntwe) to revive the language of her people.
• Rebecca Glenn: Sydney-based charity founder who is increasing understanding of economic abuse through a designated awareness day, while advocating for structural and systems change.
• Thomas Fiedler: Newcastle-based materials scientist who is creating a wetsuit with strategically placed fibre-reinforced material to protect surfers in the event of a shark attack.
• Ruby Pandher: Children’s Cancer Institute researcher using a mass spectrometry platform to develop a blood test, in place of a biopsy, to determine how aggressive a childhood tumour is.
• Alicia Kennedy: Geelong vet working to embed vet social workers into practices and educate vets on how to help vulnerable Australians provide the best health care for their animal companions.For the full list of 2021 Tomorrow Makers, as well as profiles and videos, visit ampstomorrowfund.com.au

AMP’s Tomorrow Fund is an initiative of the AMP Foundation, which is AMP’s philanthropic arm. The annual grants program aims to support determined individuals who are working hard on a project that will benefit the community but need help to take it to the next level.

Each year, AMP’s Tomorrow Fund awards grants of up to A$100,000 for a wide range of activities, including training, travel costs, living expenses, research or small business costs. So far, 334 grants have been awarded.

The post AMP Foundation awards A$1 million in Tomorrow Fund grants to 27 Australians making a difference appeared first on AdviserVoice.

Rebecca Glenn

Initiatives to combat the financial abuse of women are among the winners of this year’s Financial Literacy Awards, announced at a dinner last night.

According to research by Good Shepherd Microfinance, 8 in 10 women who experience family violence also experience financial abuse, such as withholding money, refusing to contribute to the family or running up debts in a partner’s name.

With efforts to address family violence now firmly on the national agenda, the awards recognised two projects that address the complex issue of financial abuse:

• Good Shepherd Microfinance ‘Women & Money: an introduction to financial abuse’ – Outstanding Achievement Award for targeted financial literacy program
• WIRE Women’s Information ‘Relationship Problems & Money’ – Outstanding Achievement Award for research

Good Shepherd Microfinance developed an online training program that equips microfinance counsellors, frontline staff and volunteers to identify financial abuse among clients and refer them to support services.

WIRE Women’s Information approached the issue by seeking to better understand the barriers women face to building financial independence after leaving an abusive relationship.

“This research formed the basis of a training program for financial practitioners and support services, a submission to the Victorian Royal Commission on Family Violence and a booklet for women who are facing financial abuse. This booklet is now WIRE’s most widely requested resource,” Rebecca Glenn, CEO, Financial Literacy Australia said.

Financial literacy helping migrant women

Another award winner focused on empowering refugee and migrant women through financial literacy. Melbourne-based Women’s Health in the North (WHIN) found that its program to help women start small businesses was held back by their lack of basic financial skills.

“Managing Money: Every Woman’s Business teaches topics such as budgeting and saving, in a visual, engaging and culturally sensitive way. WHIN has held several ‘Train the Trainer’ sessions for the modules, shared the resource with other community organisations and seen over 400 migrant women participate in workshops,” Ms Glenn said.

Corporate and government campaigns recognised

The awards also recognised the work of the corporate sector, with ANZ receiving two awards including an Award in the research category for a meta-evaluation of the Saver Plus program, which provides education, personal coaching and matched funds of up to $500 savings for low-income families. The study included a valuation on the social return on investment.

“The results demonstrated the long-term benefits for participants included increased financial capabilities, levels of financial self-efficacy, financial resilience and improved personal and social wellbeing. It’s an important validation of the work that we know, anecdotally, makes such a big difference to families in Australia,” Ms Glenn said.

The Australian Taxation Office was awarded for its innovative approach to targeting young people to reduce multiple super accounts. The campaign used animated video, infographics, paid media and social media, and PR, to encourage young people to engage with their super. It saw a 35% uplift in the target audience checking their balances and 17% consolidating their accounts.

“The winning entries were creative and considered, with a strong focus on evidence and research to ensure they get results,” said Ms Glenn.

“Increasing the financial literacy of all Australians has benefits for both individuals and the broader economy. However, different groups have different needs, which is why it’s important to have a diverse range of initiatives led by government, community and commercial organisations. The Financial Literacy Awards prove that this model is working well and delivering real results.”

Full list of award winners

The post 2015 Financial Literacy Awards: tackling financial abuse a key focus appeared first on AdviserVoice.