UK Finance has announced that eight additional institutions have signed its refreshed Financial Abuse Code. This brings the total number of signatories to 33, covering 49 brands, and means nearly 90% of the UK mortgage market is now included.
The Code, launched in April 2025, aligns with the Financial Conduct Authority’s Consumer Duty and provides a framework for identifying and supporting customers experiencing economic abuse, including restricting access to funds, forcing borrowing, or disrupting household payments. Signatories are required to implement measures such as restructuring or freezing accounts, training staff to recognise abuse, and providing clear guidance to specialist support services.
The new signatories are: Coventry Building Society, Cumberland Building Society, Fleet Mortgages, Ikano Bank, Monzo, Principality Building Society, Progressive Building Society, and Shawbrook (including The Mortgage Lender and Bluestone Mortgages Ltd).
All new signatories must be fully compliant with the Code by 1 November 2026.
Eric Leenders, managing director of Personal Finance at UK Finance, said: “Financial abuse can happen to anyone. With more lenders joining the Code, coverage across the mortgage market has been strengthened significantly. By working with specialist charities and our members, we are helping victim-survivors to receive consistent and empathetic support whilst regaining independence and control of their money.”
Lucy Rigby, economic secretary to the Treasury, added: “Economic abuse causes devastation in the lives of far too many. As City Minister, I am grateful to UK Finance for their work to develop and promote the Financial Abuse Code in recognition of the key role financial services firms have in supporting victim-survivors. I look forward to the further progress government and industry will make to tackle this issue together through the Financial Inclusion Strategy.”
Read the orginal article: https://propertyindustryeye.com/majority-of-uk-mortgages-brought-under-financial-abuse-code/?utm_source=rss&utm_medium=rss&utm_campaign=majority-of-uk-mortgages-brought-under-financial-abuse-code
