Survivor of financial abuse invited to advise ministers after Guardian report | Money
A woman who was nearly murdered by her abusive husband has been invited to advise the government on measures to support victims of financial abuse after the Guardian highlighted her story last weekend.
Francesca Onody was left homeless and penniless after her husband poured gasoline on her shed while she and her two children were inside. Her husband, Malcolm Baker, died when the property exploded.
She discovered that Baker canceled the couple’s insurance policies and emptied their business bank accounts after she filed for divorce following years of abuse. He was not named in his will and faced repossession by mortgage lenders. Following intervention by the Guardian, the repossession order was halted.
City minister and Treasury economic secretary Lucy Rigby contacted Onody after reading about his ordeal.
“I burst into tears,” Rigby said. “Francesca’s case is a truly shocking example of economic abuse and shows how devastating its impact can be.”
The minister wanted to meet with Onody to hear his first-hand experiences and discuss measures that could help lift other survivors out of poverty. The charity Surviving Economic Abuse will also attend the event.
“The government’s commitment to tackling economic exploitation is why we have made this a common theme in our recently published financial inclusion strategy,” says Rigby. “I am absolutely determined that as a government we are doing everything we can to prevent victim survivors like Francesca from having to go through what she went through.”
Onody said he was failed by authorities and financial providers when he sought help regarding harassment against Baker.
“Abusers are manipulative and calculating, using financial institutions’ terms and conditions to their advantage,” he said. “If speaking out can somehow help prevent someone else from going through what I and my children went through, then I’m happy to meet anyone.”
According to Surviving Economic Abuse, abusers can weaponize financial products and services to maintain control and continue to inflict harm long after the divorce.
“Financial services professionals, from banks to insurers, must be better equipped to spot signs of economic abuse and support customers,” said Sam Smethers, chief executive of the charity.
“We welcome the Secretary to the Treasury’s commitment to tackling economic abuse, but urgent legislative reform is now needed to close the gaps in our systems that abusers continue to exploit. The Financial Conduct Authority must urgently issue guidance to help firms support survivors within existing rules. This is the only way to help survivors like Francesca and her children rebuild their lives safely.”
