Sara Davies, Deborah Meaden and Vicky McClure Launch Campaign for Safer Spending Solution

Dragons’ Den stars Sara Davies and Deborah Meaden have joined forces with Our Dementia Choir founder and Line of Duty star Vicky McClure, to back Sibstar’s Safe Spending For All Campaign.

Sibstar, the UK’s leading debit card and app for people living with dementia, is today calling for banks and governments to work closer together to ensure safer spending for financially vulnerable people.

Sibstar is the UK’s first debit card and app that helps families living with dementia to safely manage their everyday spending. Having already gained significant backing from Dragons’ Den investors Deborah Meaden and Sara Davies, the company is now launching an awareness campaign calling on all sectors – government, retail, and financial institutions, to join their mission to create safe spending for all.

Deborah, Sara and Vicky are backing the campaign, which calls for both banks and the government to put more measures in place to protect financially vulnerable individuals from scams, social exclusion, and fraud.

Deborah Meaden said: “Sibstar is paving the way for vulnerable adults to access and manage their everyday money safely, which is why I chose to invest earlier this year. I hope that today’s call to action acts as a pivotal moment in driving financial inclusion across the sector. There is more we can do to ensure everyone can manage their finances with confidence and independence. Full collaboration from the sector is needed.”

Sara Davies said: “By empowering the financially vulnerable with the tools and support they need, we can reduce social isolation, improve mental health problems, and foster a more inclusive economy. Financial equity means everyone being given the opportunity to participate in economic life, creating not only a more inclusive society but a more profitable one too.”

Vicky McClure added: “Having witnessed first-hand the profound challenges that families encounter when a loved one has dementia, I firmly believe that we can collectively do much more to support people and that’s why I wholeheartedly back the Safe Spending for All campaign, which aims to drive meaningful change and ensure vulnerable adults receive the protection & independence they deserve.”

The campaign is also supported by Nationwide, Project Nemo, Innovate Finance, West Midlands Police, and Alzheimer’s Society.

Financial vulnerability affects millions across the UK, with many falling victim to scams and eventually losing their financial independence. According to the Financial Conduct Authority (FCA), over 40% of UK adults exhibit characteristics of financial vulnerability, further emphasising that this is neither an isolated nor marginalised issue.

UK Finance’s 2024 annual fraud report found that over £1 billion was stolen by criminals in 2023 through fraud. This risk is expected to rise even higher unless the government increases pressure on the technology and telecommunication sectors to take further action to stop fraud on their platforms.

Those living with conditions such as dementia and varying mental health conditions often struggle to manage their finances. This often leaves people feeling isolated from mainstream financial services and increases social exclusion. The lack of tailored support for these groups further exacerbates their vulnerabilities. Studies have shown that increased loneliness and stress speed up the decline in cognitive function in dementia patients, making it essential for more inclusive financial practices.

However, some organisations are already making efforts to support financially vulnerable individuals. Nationwide Building Society recently partnered with Dementia UK to offer appointments with dementia specialist Admiral Nurses across some of its branches in the UK, providing expert support to those impacted with the condition.

In the retail sector, Tesco, Morrisons and Asda introduced their ‘quiet hours’ initiative in 2018 and have recently announced plans to extend these hours further. ‘Quiet hours’ include stores turning the music off, dimming the lights, silencing tannoy announcements and putting up signs to encourage other shoppers to be mindful of their vulnerable counterparts. This creates a safer and more welcoming environment for those who struggle to shop at busier times of the day due to a range of issues..

“These initiatives demonstrate the positive impact that small inclusive practices can have on vulnerable individuals and wider society, but it’s still not enough,” Jayne Sibley, CEO and co-founder of Sibstar, commented. “Collaborative action is essential to safeguard the financial independence of every individual in the UK. We have to work together to develop and implement policies and practices that actually have an impact on those who are at risk. It’s our responsibility to protect and empower these groups who are unable to do so themselves.”

Simon Forbes, President of Mastercard UK&I: “It takes real effort and collaboration between Government, businesses and financial institutions to ensure we safeguard individuals from fraud and financial exploitation. That’s why we’re proud to partner with Sibstar and support their continued efforts in promoting financial independence and security for vulnerable communities across the UK.”

Kathryn Townsend, Head of Customer Vulnerability for Nationwide: “At Nationwide, we recognise the profound impact that dementia has on people’s financial lives and the importance of having access to the right information and support. That’s why, through our new social impact programme Nationwide Fairer Futures, in partnership with Dementia UK, we offer appointments with dementia specialist Admiral Nurses across some of our branches which helps anyone impacted by dementia get expert advice. It’s encouraging to see new solutions launch, such as the Sibstar card and app, which may help people impacted by dementia manage their finances and provide much needed confidence.”

Kate Lee, CEO of Alzheimer’s Society: “Alzheimer’s Society is proud to support our Accelerator Programme partner Sibstar’s important campaign advocating for safer spending for financially vulnerable people, especially those living with dementia. Financial abuse is a significant issue that many people with dementia face, often leading to social isolation and loss of independence. By working together, we can ensure that people living with dementia receive the protection and support they desperately need.”

Janine Hirt, CEO of Innovate Finance: “Sibstar’s Safe Spending for All campaign embodies the spirit of fintech innovation for good. By leveraging technology and collaboration, we can create solutions that not only enhance financial inclusion and security but also empower financially vulnerable individuals to navigate their financial journeys with confidence and dignity.”

Jemma Connor-Iommi, Inspector at West Midlands Police: “Anyone can be a victim of a scam, and we often see vulnerable people such as people living with Dementia being targeted by scammers. It’s crucial for both public and private sectors to collaborate in raising awareness and providing preventative and protective resources. By backing the Safe Spending for All campaign, we want to help prevent people becoming victims of financial exploitation, and create a safer environment for the public and ensure they are better shielded from the threats posed by scams.”

Jo Dewar, Project Nemo Lead: “Project Nemo applauds Sibstar’s call to action and fully endorses the Safe Spending for All campaign. We’re aiming to educate the UK’s FinTech industry on disability inclusion and inspire meaningful action. This campaign is a perfect example of how we can prevent vulnerable groups, including those with certain disabilities, from being financially excluded.”

Visit Sibstar’s website to see how you can get involved in the ‘Safe Spending For All’ campaign:https://www.sibstar.co.uk