Wales’ largest building society has joined other financial institutions in signing UK Finance’s updated Financial Abuse Code.
Introduced in 2021, the UK Finance Financial Abuse Code sets out an industry-wide standard for banks and building societies to identify and address domestic abuse, including financial abuse. This can include restricting access to payment or forcing borrowing.
The updated Code has expanded its existing guidance around economic and mortgage-related abuse, to help financial institutions better recognise warning signs and offer practical protections to reduce risk and support interventions such as restructuring or freezing accounts and placing an emphasis on empathy and consistency.
Under the Code, Principality will strengthen the support it offers by introducing pathways for Members to safely raise concerns and access assistance with simplified disclosure procedures and referrals to specialist services or resources. Increased staff training will increase awareness and help spot tell-tale signs of financial abuse.
As a mutual organisation, Principality is dedicated to empowering communities and building better futures for families and individuals across Wales, it said. By signing the Code, Principality is joining its peers in implementing a consistent approach to ensure that those experiencing financial abuse receive the right response regardless of their provider. The organisation is on track to be fully compliant by November 2026.
The updated Financial Abuse Code now covers almost 90% of the UK mortgage market, following eight new signatories including Principality, Monzo, Fleet Mortgages, and Ikano Bank. This brings the total number of firms signing the Code to 33, representing 49 brands committed to combatting financial abuse.
Kara Conlon – Head of Financial Crime at Principality Building Society, said:
“Financial abuse can have a devastating impact on an individual’s mental health and long-term financial security. We recognise the vital role that lenders play in responding to these situations with care and by offering practical support and signposts to specialist services. By signing the updated Financial Abuse Code, we are reinforcing our commitment to always putting our Members first and ensuring our colleagues are best placed to support those experiencing economic abuse.”
