One in six women in the UK has experienced financial abuse in a current or former relationship – over nine million people, as many as the population of London.
Yet a new survey suggests the warning signs remain poorly understood, even when they involve financial products like insurance.
AXA UK has launched a nationwide campaign to address the issue, partnering with charities Women's Aid and Smart Works. A survey of 2,000 UK adults conducted by the insurer found that 24% would not consider a partner controlling their bank accounts to be abusive.
Some 40% do not view being denied access to their own passport or identification documents as a warning sign.
The research also revealed that 21% believe being removed from an insurance policy could be dismissed as normal within a relationship - a finding that underscores how financial products can be weaponised in abusive relationships.
According to the FCA, financial abuse can include the use of joint life insurance policies as a threat. The Financial Ombudsman Service has noted cases where perpetrators cancelled financial services like insurance without informing the victim-survivor, or stopped payments to joint products, leaving victims to manage arrears.
Dr Nicola Sharp-Jeffs OBE, CEO of Surviving Economic Abuse, has said that with survivors almost as likely to speak to their bank as their friends and family, "it's more important than ever that banking and insurance providers are vigilant to this type of abuse."
She added that training is vital across all teams, "from those in customer facing roles to those designing and implementing new products."
AXA UK said it has trained its call centre teams to support those who disclose abuse. CEO Tara Foley (pictured above) said the insurer is working with Women's Aid and Smart Works to raise awareness and offer practical assistance.
"Financial abuse often hides in plain sight, but even some of the most obvious signs can be hard to see," Foley said.
The FCA's Consumer Duty sets higher and clearer standards of consumer protection across financial services, requiring firms to put their customers' needs first. The regulator notes that victim-survivors are more likely to reach out to family, friends or their bank before reporting to police, meaning the financial services sector has a vital role in spotting signs and offering support.
The FCA has highlighted new initiatives from industry bodies including the ABI and CII to improve awareness and understanding of issues across members.
The UK campaign forms part of AXA's broader global effort to tackle domestic and sexual violence. In November 2025, the insurer launched AXA Safe Spaces, a worldwide initiative combining direct support services with education programmes.
The survey found that 74% of respondents believe financial services companies should be doing more to raise awareness of financial abuse.
