Flequity Ventures partnered with the Centre for Women’s Economic Safety (CWES) to address the issue of financial abuse in Australia, focusing on how existing financial products and services can be exploited by perpetrators. The partnership developed the “Designed to Disrupt” papers, which provide recommendations for the banking and insurance sectors to adopt Safety by Design principles and prevent financial abuse.
Partnership Strategy
CWES provided insights through their lived experience network and expertise, ensuring the research and recommendations were grounded in the real experiences of victim-survivors. Flequity Ventures brought their financial sector knowledge and business influence to translate these insights into actionable steps for large institutions, bridging the gap between understanding the problem and implementing practical solutions across regulatory frameworks.
Societal Value Created
- Improved practices to address and prevent financial abuse, with 14 Australian banks adopting the recommendations and publishing new terms and conditions that make financial abuse an unacceptable customer behaviour.
- Increased safety and economic security for victims of financial abuse, reducing potential for financial harm and emotional distress, as well as broader societal awareness of the issue through extensive media coverage and stakeholder engagement.
Business Value Created
- Equips financial institutions with tools, resources, and solutions to identify and prevent financial abuse within their products and services, aligning with the growing recognition of the role of businesses in preventing gendered violence.
- Reduces the number, complexity, and cost of complaints while enhancing trust, loyalty, and reputation among customers through the development of additional safety features.
