Good Shepherd NZ and the Financial Services Federation (FSF) have released a new code of practice designed to help specialist lenders prevent and reduce harm for customers experiencing economic abuse linked to family violence.
The announcement coincided with International Economic Abuse Awareness Day on 26th November, marked by an event in Auckland to raise awareness and launch the code.
Good Shepherd NZ chief executive Tania Pouwhare said economic abuse can be less visible than other forms of family violence, making it essential for lenders and service providers to recognise the signs and have processes in place to support customers.
“Economic abuse can be more invisible than other forms of family violence, so it is important that lenders and service providers can spot economic abuse and have appropriate processes in place to support their clients,” Pouwhare said.
The FSF said economic abuse can mean customers may be unaware of debt they are liable for, or may suddenly be unable to make repayments.
The new code outlines responsibilities FSF member organisations will consider to better meet the needs of affected customers and reduce the harm caused.
FSF executive director Lyn McMorran said the initiative reflects the commitment of specialist lenders to supporting customers experiencing vulnerability.
“We know organisations like those that belong to FSF are committed to supporting customers experiencing harm and vulnerabilities, so working together to develop a code of practice allowed us to draw on our expertise to create a code of practice that we hope will ultimately help victims,” McMorran said.
The code was developed through a partnership between Good Shepherd NZ and the FSF, alongside family violence specialists and contributions from FSF members.
Co-design ensured the responsibilities outlined in the code support both staff and customers while recognising the operational realities of the lending sector.
Good Shepherd NZ has also created a companion resource offering practical guidance for implementing the code in real-world situations.
Pouwhare said frontline staff often want to help but may not know how to respond. “Family violence situations are complex. Staff might want to help, but often don’t know the right way to go about it. The companion resource provides some options and examples for how organisations may respond to different situations when their customers experiencing economic abuse.”
Good Shepherd NZ said further codes of practice will be developed for the energy, telecommunications and financial adviser sectors, with co-design work expected to begin in 2026.