Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 692.80
Bid: 670.00
Ask: 705.00
Change: 0.00 (0.00%)
Spread: 35.00 (5.224%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 692.80
HSBA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Lockdown lands domestic abuse on British financial sector radar

Thu, 13th Aug 2020 13:07

* Banks, law firms respond to staff, customer pleas

* Lockdown has led to rise in calls to abuse helplines

* New legislation to legally recognise economic abuse

By Sinead Cruise and Kirstin Ridley

LONDON, Aug 13 (Reuters) - Some of Britain's biggest
financial and legal firms have stepped up support for staff and
customers suffering domestic abuse after the coronavirus
lockdown shed new light on the scale of a problem affecting
millions nationwide.

Legislation now progressing through parliament suggests this
is costing Britain 66 billion pounds ($86 billion) a year, with
official figures estimating around 2 million people, mainly
women aged 16 to 74, suffer some form of domestic abuse.

The Domestic Abuse Bill will introduce a statutory
definition that includes physical violence but also emotional,
coercive and economic abuse, after extensive lobbying by the
charity Surviving Economic Abuse and the financial sector.

As the coronavirus pandemic forces millions to work from
home and calls to helplines surge, Lloyds Banking Group
and NatWest Group have teamed up with charities
SafeLives and Surviving Economic Abuse to offer financial as
well as practical aid to victims.

And with remote working increasing social isolation, some
firms are also striving to help staff.

Lloyds, Britain's biggest retail bank with about 65,000
employees, has launched an emergency programme that offers
vulnerable staff and their children refuge in a hotel, travel
and living expenses, as well as advice and compassionate leave.

Law firm Linklaters is offering a similar package, saying
the crisis had put the onus on employers to tackle what the
United Nations calls a "shadow pandemic" of violence against
women.

"For too long it has been left to a small number of highly
specialist, feminist organisations to make the case for bringing
an end to domestic abuse, and trying to find the means to do
that," SafeLives' Chief Executive Suzanne Jacob said.

"As major companies start to think in a new way about their
workforce and their customers, so much more is possible."

Domestic abuse charity Refuge said it has received more than
40,000 calls since Britain's lockdown began in March and, as
restrictions eased, the number of people needing emergency
accommodation rose 54% in the first week of July.

The FICC Markets Standards Board last month warned that
abuse can go undetected without face-to-face interaction, which
has declined during widespread remote working.

"What could have been seen purely as a domestic issue all of
a sudden was more clearly a workplace issue and you have to take
action," Jenny Lloyd, diversity and wellbeing manager at
Linklaters, said.

The Metropolitan Police, which covers London, said domestic
violence reports rose by a third in the six weeks to April 24,
while its officers made around 100 arrests a day.

"With more people working from home than ever before, this
issue needs urgent attention in many employers," a spokesman for
employee union Unite said.

CRITICAL ROLE

Economic or financial abuse can leave victims with no access
to money or bank accounts and vulnerable to debts built up by
their partners, even after they have fled an abusive home.

With thousands of tell-tale datapoints at their fingertips,
financial firms are often on the frontline of the fight against
such abuse, but cannot act before a customer asks for help.

NatWest launched a 1 million pound fund in June to provide
financial lifelines to victims without the means to rebuild
their lives. This will make grants to cover the costs of food
and household bills.

More than a dozen companies have approached SafeLives for
advice and help in devising support packages since March.

"People have had a number of lights turned on about what it
might mean to have a duty of care to staff when they are not in
a typical workspace," SafeLives' Jacob said.

NatWest's Customer Protection Manager Kim Chambers said her
team provided support to 325 people in the second quarter, with
70% saying their abusers had used money to control them.

Barclays, HSBC and insurer Aviva,
have trained thousands of staff to identify signs of financial
abuse so they can respond better to those at risk.

Banks can now also offer to block joint accounts in dispute,
remove names without both parties present and open new accounts
with different sort codes to hide a victim's new location.

"Banks have a critical role to play in supporting survivors
of economic abuse," NatWest CEO Alison Rose said.
($1 = 0.7645 pounds)
(Editing by Nick Tattersall and Alexander Smith)

More News
30 May 2024 21:22

Saudi Arabia sets up new Aramco share sale that could raise $13.1 billion

DUBAI, May 30 (Reuters) - Saudi Arabia's government on Thursday filed papers to sell a new stake in state oil giant Aramco that could raise as much as $13.1 billion, a landmark deal to help fund Crown Prince Mohammed bin Salman's plan to diversify the economy.

Read more
29 May 2024 13:14

HSBC completes sale of Russian unit to Expobank

MOSCOW, May 29 (Reuters) - HSBC has transferred ownership of its Russian unit to Expobank for an undisclosed fee, the two lenders said on Wednesday, ending around two years of negotiations and uncertainty.

Read more
23 May 2024 12:53

HSBC fined £6.3m over treatment of customers in financial difficulty

(Sharecast News) - HSBC has been fined nearly £6.3m by the Financial Conduct Authority over its treatment of customers in financial difficulty.

Read more
23 May 2024 11:20

HSBC fined in UK over treatment of customers in financial difficulty

(Alliance News) - HSBC Holdings PLC has been fined about GBP6.3 million for failures over the treatment of customers who were in arrears or experiencing financial difficulty.

Read more
21 May 2024 16:41

Singapore sells 30-year green bond, raising $1.9 billion

Yield set at 3.30%, coupon rate at 3.25%

*

Read more
21 May 2024 14:08

Begbies Traynor proclaims "strong performance" ahead of annual results

(Alliance News) - Begbies Traynor Group PLC on Tuesday said it expects to report increased revenue and earnings for its latest financial year.

Read more
20 May 2024 16:11

IN BRIEF: HSBC issues EUR1.25 billion fixed to floating rate notes

HSBC Holdings PLC - London-based Asia-focused lender - Issues EUR1.25 billion 3.755% fixed to floating rate notes due 2029 under its debt issuance programme.

Read more
20 May 2024 09:57

SDI profit expected to slump 32% despite trading uptick in second half

(Alliance News) - SDI Group PLC on Monday said it remains in a good position to continue with its buy and build strategy despite a drop in overall performance.

Read more
16 May 2024 20:05

PRESS: HSBC shareholder, Ping An, mulls options for stake — Bloomberg

(Alliance News) - Ping An Insurance Group Co is weighing options that would allow it to reduce its 8% stake in HSBC Holdings PLC, Bloomberg reported Thursday.

Read more
14 May 2024 16:11

Kazakhstan opens thorny debate on 2025 OPEC+ oil quotas

LONDON, May 14 (Reuters) - Kazakhstan opened on Tuesday a thorny debate on OPEC+ production levels, saying it believed it should be allowed to pump more oil in 2025, when all current output cuts by the producer group are due to expire.

Read more
14 May 2024 06:27

UK ministers, companies visit Saudi Arabia to boost trade ties

(Alliance News) - UK Cabinet ministers are visiting Saudi Arabia in a bid to bolster trade links with the kingdom amid reports that Riyadh authorised the use of lethal force to clear land for a new desert city.

Read more
9 May 2024 17:33

London's FTSE 100 hits record for fourth session after BoE signals rate cuts

FTSE 100 up 0.3%, FTSE 250 adds 0.2%

*

Read more
9 May 2024 17:06

STOXX 600 ends at record high; BBVA weighs on Spain

Mercedes-Benz, HSBC, Allianz trade ex-dividend

*

Read more
9 May 2024 15:21

London close: Stocks manage gains as BoE holds rates

(Sharecast News) - London markets closed on a positive note on Thursday, bolstered by the Bank of England's decision to maintain interest rates, in line with market expectations.

Read more
9 May 2024 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.