Since 2018, we have been increasing awareness of modern slavery across the financial industry, highlighting the industry’s role in modern slavery prevention and survivor support.

The TRIBE Survivor Financial Empowerment Hub was launched by TRIBE Freedom Foundation, in partnership with Nasdaq, on 21 September 2022. It draws on extensive research and collaboration with over 1,000 contributors, including survivors, financial institutions, survivor support organisations, and the Finance Against Slavery and Trafficking Initiative (FAST). Our goal is to promote long-term financial well-being, stability and independence for survivors.

“Access to a bank account and giving survivors the power to take control of their own money is a key step in recovery, but it's about much more than this. We established the TRIBE Survivor Financial Empowerment Hub to help ensure that all survivors are equipped to rebuild long-term financial independence, enabling them to flourish and supporting their wider well-being,”

Tom Stancliffe, Co-Founder of TRIBE Freedom Foundation

Modern slavery and the financial industry

Modern slavery is an ever-evolving crime, impacting an estimated 50 million people globally and generating roughly USD 150 billion in illicit profits annually. The cost-of-living crisis, Covid-19 pandemic and Russian invasion of Ukraine are destabilising already fragile communities and contributing to a heightened risk of exploitation.

Under the Financial Conduct Authority (FCA) Vulnerability Guidance (FG21/1), modern slavery and human trafficking are recognised life events that increase consumer susceptibility to harm. The financial industry has unparalleled influence over global business and can advocate practices that help end this crime. Financial institutions can also protect those at risk of exploitation and empower the millions of trafficking survivors worldwide.

Our call to action

We are calling on the financial sector to take action and empower survivors. The TRIBE Survivor Financial Empowerment Hub encourages action across four core areas:

1. Understanding the challenge: Learn more about modern slavery, the role of the financial industry and existing barriers to survivor financial inclusion.

2. Promoting financial inclusion: Explore how financial institutions can support survivors to open a bank account and start managing their money.

3. Driving financial empowerment: Understand the key drivers that advance survivor financial empowerment, including practical recommendations.

4. Building employee awareness: Increase employee awareness of modern slavery and create meaningful impact across your organisation.

We encourage you to visit the Hub, explore the wealth of guidance and actionable takeaways available and work with us to empower modern slavery survivors.

Timea Nagy, a Survivor, Advocate, Educator, trainer and CEO of Timea’s Cause said: “TRIBE Freedom Foundation and Nasdaq’s efforts to educate survivors, service providers and Banks on how to offer bank accounts and financial services in a Trauma-informed manner, are simply ground-breaking. This initiative is a very progressive, much-needed step in the right direction to truly help create real second chances for victims and survivors of human trafficking.”

For more information, visit: https://tribesurvivorempowerment.org/ and email Laragh O’Malley, Head of Impact & Partnerships at TRIBE Freedom Foundation (at: laragh@wearetribe.co).