Warning: This podcast episode contains discussions of economic abuse and domestic abuse, which may be distressing for some listeners. Please take care of yourself while engaging with this content.
Economic abuse within the mortgage industry is an often-overlooked aspect of domestic abuse that can have devastating consequences. In the latest episode of the Growth Series podcast, host Andrew Calder, Strategic Partnerships and Propositions Manager at Accord Mortgages, is joined by Claire Towe, Co-founder of Meet Margo, and Lauren Garrett, Financial Services Lead at Surviving Economic Abuse (SEA). Together, they delve into the complex realities of economic abuse, particularly in the context of mortgages, and explore the vital role financial professionals play in supporting victim-survivors.
Claire brings her extensive experience in mortgage brokerage to the table, highlighting the unique challenges women face in homeownership due to factors such as pay gaps, career breaks, and the financial aftermath of divorce. Meanwhile, Lauren sheds light on the staggering statistic that over 4.1 million women in the UK were affected by economic abuse last year, emphasising the urgent need for awareness and systemic change.
Throughout the episode, Claire and Lauren underscore the critical responsibility of mortgage advisors and financial intermediaries as first responders for abuse victim-survivors. They share moving stories of clients whose mortgage journeys have been fraught with difficulties due to their abusive pasts. The conversation also addresses the pressing need for legal reforms to prevent joint mortgages from being weaponised by abusers, and how collaborations with financial institutions are paving the way for more supportive mortgage procedures.
This episode is a powerful reminder of the importance of tailored processes and compassionate service in the financial services industry. By equipping mortgage professionals with the knowledge and tools to identify and support victim-survivors of economic abuse, there is hope for a future where financial services empower and protect those who are vulnerable.
For more resources and support on this topic, visit Surviving Economic Abuse.
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01:20 - 39:52