A Guide To Financial Abuse
Reasons to choose Wilson Browne
Financial abuse is a form of controlling or coercive behaviour where someone improperly uses or restricts another person’s money, assets, or property.
It can occur in relationships, families, friendships, care arrangements, Powers of Attorney, or business situations. It often develops gradually and may accompany other forms of abuse.
On this page:
What Is Financial Abuse?
Financial abuse involves limiting or exploiting someone’s ability to access, use, or manage their finances.
Common examples include:
- Taking control of bank accounts
- Pressuring someone to transfer money or assets
- Preventing access to funds
- Running up debts in another person’s name
- Misusing a Power of Attorney
- Forcing changes to a Will
- Withholding money for essentials
- Stealing cash or financial documents
- Coercing financial decisions
Anyone can be affected, though elderly or vulnerable individuals are often at higher risk.
Who Can Be Affected?
Financial abuse can impact:
- Elderly or vulnerable adults
- Spouses or partners
- Relatives or children
- Individuals with disabilities
- People reliant on carers or trusted individuals
Abusers are often people the victim knows.
Common Signs of Financial Abuse
Warning signs may include:
- Unexplained bank withdrawals
- Sudden changes to Wills or legal documents
- Missing valuables
- Unpaid bills despite available funds
- Isolation from family or friends
- Fear or discomfort when discussing money
- New debts or loans
- Someone taking excessive control of finances
Financial Abuse and Powers of Attorney
Attorneys must act in the donor’s best interests and within their authority. Abuse may include:
- Taking money for personal use
- Improperly selling property
- Making unauthorised gifts
- Mixing finances
- Failing to keep accounts
Concerns can be raised with the Office of the Public Guardian or the Court of Protection.
Financial Abuse in Relationships
Financial control is recognised as a form of domestic abuse. A partner may:
- Restrict access to money
- Prevent employment
- Control all household finances
- Force debts onto the other person
- Monitor spending
- Threaten financial harm
This can create dependency and make leaving difficult.
What To Do if You Suspect Financial Abuse
Steps may include:
- Keeping financial records
- Monitoring accounts
- Seeking independent legal advice
- Speaking to trusted professionals
- Contacting banks
- Reporting concerns about Attorneys to the OPG
- Contacting safeguarding authorities or the police
Early action can prevent further harm.
Frequently Asked Questions (FAQ)
Is it a form of domestic abuse?
Yes, it is recognised as controlling and coercive behaviour.
Can family members commit financial abuse?
Yes. It is often carried out by relatives, partners, or carers.
Can an Attorney commit financial abuse?
Yes, if they misuse their authority or act for personal gain.
What if I suspect misuse of a Power of Attorney?
Seek legal advice and consider reporting to the Office of the Public Guardian.
Can financial abuse affect inheritance disputes?
Yes. It may be relevant in cases involving Wills, estates, or suspicious asset transfers.
What legal action can be taken?
Options include injunctions, asset recovery, Court of Protection applications, or probate claims.