Suncorp Group joins world-first initiative to unite against financial abuse

In a world-first, 21 Australian businesses across telecommunications, banking, insurance, education and technology are mobilising against perpetrators of domestic and family violence.

Suncorp Group, Optus, IAG, University of NSW, and 16 banks are among first movers pledging a stand against DV perpetrators as part of the national Respect and Protect initiative led by Flequity Ventures.

Flequity Ventures is a social enterprise which aims to disrupt financial abuse through better product design. Founder and Director Catherine Fitzpatrick previously partnered with the Centre for Women’s Economic Safety on the Designed to Disrupt discussion papers, to support industry action on financial safety.

Through the Respect and Protect initiative, each business has agreed to ban the misuse of their products and services for financial abuse, with an update to their terms and conditions or policies.

The changes are now published on a new Respect and Protect website, along with testimonials from industry leaders and consumer and community advocates about why they support the campaign.

Suncorp Group CEO Consumer Insurance Lisa Harrison said, "Suncorp acknowledges the impact financial abuse can have on our customers, including the misuse of financial products and service to cause harm.

Suncorp Group is committed to tackling financial abuse at all levels - for both our customers and employees

Financial or economic abuse is a whole of community issue. Economic abuse affects 2.4 million Australian adults, including 1 in 6 women and 1 in 13 men, according to the Australian Bureau of Statistics, 2023 Personal Safety findings.

Suncorp Group is dedicated to being industry leading when it comes to supporting customers experiencing family and domestic violence and financial abuse. We work closely with our people, customer and communities to make sure we are providing the best level of care for our customers during the times they need us the most.

Suncorp was the first Australian insurer to introduce a ‘Conduct of others’ clause to our consumer insurance policies. The clause protects our customers by making it easier for our claims teams to respond when a policyholder may have been prejudiced by the acts of another policy holder/s or those who have a financial interest in the policy.

Suncorp Group supports its employees who may be affected by domestic and family violence or are working with impacted customers. This includes leave from work, adjusted work arrangements, specific training, and connection to external support.

Suncorp Group offers ongoing training for leaders around supporting customers experiencing vulnerability and works with services like Uniting’s CareRing which provides extra support for those who need it. Suncorp’s CareRing referral service includes a dedicated case manager for customers needing holistic assistance, referral pathways to community and health services, and financial assistance for specialist requests.

Suncorp’s Customer Advocate Office is also committed to taking steps to support and protect customers from the challenges facing victims and survivors of financial abuse, as well as supporting our employees who may also be victims.