State Government roundtables focused on easing the financial burden of domestic, family and sexual violence (DFSV) on South Australian women have led to significant action from the financial services and real estate sectors.
This includes specialised training for staff to work with customers experiencing DFSV and making it simpler for survivors to open new and private bank accounts.
These innovative solutions to better support women experiencing DFSV were introduced by sector leaders following two financial burden roundtables hosted by the State Government.
More than 70 participants from the financial services, real estate and DFSV sectors attended the roundtables held late last year to explore options to ensure women impacted by DFSV do not bear the brunt of unpaid mortgages, loans, and rent.
The Australian Banking Association (ABA) and its member banks have implemented preventative measures which block abusive transactions in their banking applications and internet banking. ABA member banks are now acting against perpetrators of this abuse by sending warning letters, limiting their access to internet banking and closing their accounts if required.
The ABA has worked with the State Government and regulators to minimise the harm to survivors in financial difficulty by suppressing certain credit reporting information to reduce the risk of retaliation.
National Australia Bank has updated its frontline staff training on assisting customers experiencing DFSV and uses technology to detect text-based abuse sent via NAB's mobile app or internet banking, with blocked transactions reviewed for further action.
Credit Union SA has partnered with the Zahra Foundation to explore the creation of financial products specifically for women impacted by DFSV and Rise High Financial Solutions has partnered with Mimi Moon Meno to empower women to greater financial independence during menopause and beyond.
Among other proposed solutions more broadly discussed at the roundtables were:
- The real estate industry to explore the provision of references for survivors whose rental history is impacted by DFSV.
- Financial institutions to explore the creation of DFSV resources to provide to all customers.
- Investigating ways to ensure a more unified approach to respond to DFSV across the finance and real estate sectors.
- Exploring the potential use of new technology to better identify when DFSV is occurring.
Summary papers detailing the key themes discussed at the roundtables can be found online at https://officeforwomen.sa.gov.au/womens-policy/womens-safety
The financial burden roundtables fulfilled an election commitment by the Malinauskas Labor Government to work with the finance and real estate industries to ensure women are not unfairly financially impacted as a result of experiencing DFSV.
As put by Katrine Hildyard
Every individual and organisation can play a part in helping to prevent DFSV and to support survivors. We know that financial abuse and economic insecurity are often part of a woman's experience of DFSV. I am so pleased that a number of finance and real estate institutions are strengthening their awareness of this and playing a strong role in tackling this awful scourge.
The South Australian Government made a commitment to work with the finance and real estate industries to explore options to help ensure women impacted by DFSV were not left to deal alone with unpaid mortgages and loans and to strengthen their economic security.
I am really grateful for the way in which the industry engaged in the roundtables and for the actions and strengthened collective understanding of the issues faced by women that have resulted from them.
Our Government will continue to work with financial institutions, the specialist DFSV sector and other key stakeholders to raise awareness of the issues that were identified and to further develop improved responses that empower women to strengthen their economic security and financial future.
As put by Australian Banking Association CEO Anna Bligh
Australian banks continue to work in partnership with financial counsellors, community legal services, the domestic and family violence sector and Government to develop measures that minimise the harm caused to individuals experiencing financial abuse.
Banks take incredibly seriously their role in supporting customers experiencing family and domestic violence and we welcome this important work being done by the South Australian Government.
As put by Rise High Financial Solutions Managing Director, Marissa Schulze
We are passionate about better financial literacy for women. We would be open to any future partnerships where we can empower women, giving them financial confidence, financial stability, and ultimately, hope for their future.
