Australian businesses proactively revised their terms and conditions to ban financial abuse, Flequity Ventures reported.
The "Respect & Protect Index 2025" report revealed that about 50 enterprises across 10 sectors made these changes, deeming Australian businesses as global pioneers in addressing financial abuse.
Stemming from a recommendation in Flequity founder Catherine Fitzpatrick’s "Designed to Disrupt" report, these revisions are estimated to affect more than 20 million customers nationwide.
Financial abuse – a tactic of coercive control where money is used to control another person – affects one in six women and one in 13 men in Australia. Considered as prevalent as physical violence, it is pointed to as a leading indicator of homicide with 97% of intimate partner homicides following patterns of coercive control.
The report said that perpetrators weaponize banking, insurance, superannuation, telecommunications, and utilities to threaten victims or accrue debts in their name. Annual economic toll is estimated at $5.7 billion, exceeding the $3 billion cost of scams.
A November survey of 1,000 Australians found overwhelming public support for business action with the following findings:
"Companies may unintentionally help financial abusers because their products and services may be weaponized as a tactic of coercive control and manipulation," a Flequity representative said, further noting that these revisions leave no room for financial harm by prohibiting product misuse.
Financial services providers were ranked as having the greatest responsibility to act, with insurance, superannuation, wealth/investment, and banking sectors topping the list. However, consumers believe all sectors should be involved, including utilities, telecommunications, property, technology, education, and retail. While public support is strong, awareness remains low, with only 25% of respondents aware of business actions already underway. Ninety-two per cent believed companies could be doing more to protect customers from financial abuse.
Survivor-advocates quoted in the report expressed hope and gratitude for the initiative. One stated, "When a business includes financial abuse in their terms and conditions, it shows consumers, victims, and other businesses that they take this issue seriously."
The "Respect & Protect" initiative encourages all businesses with joint accounts, credit, and online services to join the movement and explicitly prohibit financial abuse in their terms & conditions.
Is change truly coming? Let us know what you think.
