The Financial Vulnerability Taskforce, an independent body chaired by the former Personal Finance Society chief executive, Keith Richards, has criticised the “lack of national research” into theft and fraud within families, which has left many without financial security.
The taskforce has called for more discussions on all aspects of financial abuse within families - be that theft, fraud, coercive control, extortion, grooming or scamming.
The taskforce highlighted Norfolk County Council, which has established a Financial Abuse and Safeguarding Officer and which between August 2019 and August 2020 had recovered £154,000 in one off payments and £19,000 in monthly payments. During this period, it had received 160 referrals for action.
Calls have been made for Parliamentary action to be taken to better protect the most vulnerable.