Financial abuse

What is financial abuse?

The Care Act 2014 describes ‘financial abuse’ as a type of abuse which includes having money or other property stolen, being defrauded, being put under pressure in relation to money or other property and having money or other property misused. Financial abuse can be subtle and is often hard to detect.

Financial abuse can be committed by anyone anywhere, even people employed to provide care.

Financial abuse might look like:

• Fraud, scamming (including internet scams), theft

• Preventing a person from accessing their own money, benefits or assets

• Lending money that is never paid back

• Undue pressure, duress, threat or undue influence (coercion) put on the person in connection with loans, wills, property, inheritance or financial transactions

• Arranging less care than is needed to save money to maximise inheritance

• Someone stopping others helping to manage/monitor financial affairs

• Refusing to access benefits

• Misuse of personal allowance in a care home

• Misuse of benefits or direct payments in a family home

• Someone moving into a person’s home and living rent free without agreement or under duress

• False representation, using another person's bank account, cards or documents

• Exploitation of a person’s money or assets, e.g. unauthorised use of a car

• Misuse of a power of attorney, deputy, appointeeship or other legal authority

• Rogue trading – e.g. unnecessary or overpriced property repairs and failure to carry out agreed repairs or poor workmanship

Signs of financial abuse

• Unexplained money loss

• Lack of money to pay for essentials such as rent, bills and food

• Inability to access or check bank accounts and bank balance

• Changes or deterioration in standards of living e.g. not having items or things they would usually have

• Unusual or inappropriate purchases in bank statements

• Isolation and withdrawal from friends and family

• Lack of things you’d expect someone to be able to afford e.g. TV, grooming items, clothing