Why respect & protect
Respect and protect is an initiative of social enterprise Flequity Ventures. Our purpose is to disrupt financial abuse and gender bias through smarter product and service design.
Former bank executive turned social entrepreneur Catherine Fitzpatrick first proposed financial abuse terms and conditions in her first Designed to Disrupt® report in 2022.
Since then, more than 70 Australian companies have led the way – making it clear that financial abuse is an unacceptable customer behaviour which may result in a warning, account suspension or closure.
Respect and protect is a public awareness campaign that aims to encourage all businesses to adopt these terms as standard.
Evidence shows that one of the essential actions to prevent gendered violence is to challenge the condoning of violence against women.1 Changing business contracts through including financial abuse in the terms and conditions makes it explicit – businesses won’t tolerate the misuse of their products to cause financial harm.
However, few customers read the fine print of their accounts. That’s why we’ve done it.
Respect and protect aims to trigger a public conversation about the weaponisation of products and services.
The aim is to change perpetrator behaviour – not to close accounts. That’s why we’re calling on all businesses to play their part. And we’ll continue to showcase and congratulate the first movers of this internationally leading initiative.
1 Change the Story, Our Watch, 2021
“I believe in the power of collective action for positive change. If every business in Australia moved cautiously, consistently and collectively to protect victim-survivors, it would be a gamechanger.”
Catherine Fitzpatrick, CEO & Founder, Flequity Ventures
Why it matters
Through our work we see too often the devastating effects of financial abuse in our community. The fight against family violence is everyone’s responsibility. The Financial Wellbeing Collective implores all businesses to not only actively consider how their organisation protects those vulnerable to financial abuse, but to take action. We stand with the Respect and Protect movement.
- Helena Jakupovic, General Manager
Australia is facing a national crisis of violence against women. Everyone has a role to play and this action from businesses is essential if we are to end domestic, family and sexual violence in a generation. I encourage all businesses to understand the important role they have to respect and protect their customers.
-Micaela Cronin, Domestic, Family and Sexual Violence Commissioner.
Every day, Redfern Legal Centre’s Financial Abuse Service NSW helps people who could have been better protected against financial abuse by their bank, telco or energy provider. This harm can be reduced if businesses stop their products and services from being misused to perpetrate financial abuse. Everyone has a role to play in preventing and responding to family and domestic violence in Australia.
Camilla Pandolfini, CEO
Seeing the banks make these changes means I feel a sense of safety, security and support; that I matter and that the horrible experience I’ve been through can somehow be useful to help make changes to prevent the misuse and manipulation of gaps in banking systems and processes.
After years of having systems only recognise physical abuse it is empowering to see the recognition of coercive control and financial abuse recognised by major institutions like banks. It brings hope that there is systemic assistance to halt the damage the perpetrator can cause, and that they may even see a consequence for their actions.
Seeing banks make changes makes me feel less isolated in my experience of financial abuse. Victims of financial abuse can do little to prevent this type of abuse. When banks step up to improve their terms and conditions, this helps to keep perpetrators front and centre. It gives victims of violence so much hope and reassurance that they are not fighting this battle in complete isolation.
Financial Counselling Australia (FCA) is proud to support this important campaign.
Financial counsellors see the harm caused by poorly designed financial products on victim-survivors. We encourage all financial firms to sign up and be a part of the solution rather than the problem.
— Dr Domenique Meyrick and Peter Gartlan, co-Chief Executive Officers
I urge every business to consider the impact you can have to eradicate violence against women. Let’s be inspired by the relentless dedication of advocates whose efforts continue to push this critical issue to the forefront of the public consciousness. Together, we can make a difference. Together, we have the power to effect real change.
— Ciara Sterling, Chief Executive Officer
An essential starting point for the financial services sector to play its part in addressing domestic and family violence, is to update Terms and Conditions to call out perpetrators’ misuse of products and services for financial abuse is. We need to set this minimum standard to improve financial safety.
— Rebecca Glenn, Chief Executive Officer
