Code to cut economic harm
The Financial Services Federation (FSF) and Good Shepherd NZ have released a code of practice to help lenders prevent and reduce harm for people experiencing economic harm from family violence.
The announcement comes with Good Shepherd NZ marking International Economic Abuse Awareness Day on November 26 by holding an event in Auckland to raise awareness of economic abuse and the launch of the code.
“Economic abuse can be more invisible than other forms of family violence, so it’s important lenders and service providers can spot it and have appropriate processes in place to support clients,” says Tania Pouwhare, chief executive of Good Shepherd NZ.
For FSF members, economic abuse means customers might not know about debt they are responsible for or they may suddenly be unable to make payments.
The code outlines responsibilities that member organisations will consider to better meet the unique needs of these people and reduce the impact of economic abuse.
Lyn McMorran, executive director of the FSF, says: “We know organisations such those that belong to the FSF are committed to supporting customers experiencing harm and vulnerabilities, so working together has allowed us to draw on our expertise to create a code of practice we hope will help victims.”
The guidelines are the result of a partnership between the two organisations, reflecting a shared commitment to support those experiencing economic harm from family violence.
Its co-design with FSF members has ensured the code of practice’s responsibilities keep staff and customers safe, and recognise the business context these organisations work in.
Good Shepherd NZ, in collaboration with the FSF, its members and family-violence specialists, has also developed a resource to outline how responsibilities in the code can be met in practice.
“Family violence situations are complex,” says Pouwhare. “Staff might want to help but often don’t know the right way to go about it. The companion resource provides options and examples for how organisations may respond to different situations when their customers experience economic abuse.
“Further codes of practice will be developed for the energy, telecommunications and financial-adviser sectors. We hope to see these sectors follow suit and commence co-design work in 2026.”
